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Canadian Dollar and Business Outlook

WINNIPEG, MB, May 16, 2018 (CNS Canada), May 16, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The Canadian dollar strengthened Wednesday morning, following a day of losses on Tuesday.

At 8:46 CDT Wednesday morning the Canadian dollar was at US$0.7794 or C$1.2818, which compares with Tuesday's North American close of US$0.7766 or C$1.2876.

Oil prices dropped Wednesday, ahead of an anticipated rise in United States crude inventory that could provide more evidence that demand may be slowing in spite of ongoing crude output cuts by the Organization of Petroleum Exporting Countries and imminent U.S. sanctions against Iran. Brent crude fell 65 cents to US$77.78 per barrel.

Wall Street was little changed Wednesday morning, as gains in the retail sector were offset by a fall in the price of oil. The Dow Jones Industrial Average gained 15.91 points, or 0.06 per cent, to 24,722.32. The S&P 500 added 1.17 points, or 0.04 per cent, to 2,712.62. The Nasdaq Composite rose by 4.59 points, or 0.06 per cent, to 7,356.22.

The Toronto TSX/S&P Composite Index opened lower Wednesday, as a drop in oil prices weighed it down. The TSX/S&P fell 11.91 points, or 0.07 per cent, to 16,085.9.

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