By Commodity News Service Canada
Winnipeg, May 30 – The Canadian dollar was slightly lower against its American counterpart on Tuesday, as losses in crude oil weighed down the currency.
Bank of Nova Scotia announced strong quarterly results, which helped to prop up the loonie. The bank earned just over C$2 billion for the quarter ended April 30, which surpassed expectations.
At 8:55 CDT Tuesday morning the Canadian dollar was at US$0.7412 or C$1.3492 which compares with Monday’s North American close of US$0.7432 or C$1.3456.
At 8:55 CDT Tuesday morning, the TSX was down 0.98 points, or 0.01%, at 15,420.93.
The Conference Board of Canada predicts Alberta will retake the top spot in Canada’s economic growth. The think-tank forecasts Alberta will record growth of 3.3 per cent this year, followed by Saskatchewan at 2.5 per cent.
