By Commodity News Service Canada
WINNIPEG, March 2 (CNS Canada) The Canadian dollar was weaker Thursday morning, as losses in crude oil weighed on the currency.
At 8:48 CST Thursday morning the Canadian dollar was at US$0.7478 or C$1.3373 which compares with Wednesday’s North American close of US$0.7497 or C$1.3338.
A generally stronger tone in the US dollar index contributed to the relative weakness in the Canadian currency, according to analysts. The US dollar strength is tied in part to expectations for increased US interest rates.
However, the solid domestic inflation data did provide underlying support for the Canadian dollar. Statistics Canada reported that the country’s Gross Domestic Product grew at an annualized rate of 2.6 per cent in the fourth quarter, which was well ahead of market expectations.
The TSX was up by 200.44 points at 8:48 CST to sit at 15,599.68.
