Glacier FarmMedia | MarketsFarm — The Canadian dollar was stronger on Thursday, hitting its highest level in two months relative to its United States counterpart. Broad weakness in the U.S. currency internationally accounted for much of the strength.
The Canadian dollar settled at US$0.7021 or US$1=C$1.4242, which compares with Wednesday’s close of US$0.6994 or US$1=C$1.4298.
Investment in building construction in Canada rose 1.9 per cent in December to C$21.8 billion, reported Statistics Canada. The residential sector was up by 2.2 per cent at C$15.1 billion, while the non-residential sector increased 1.3 per cent at C$6.7 billion.
Crude oil was steady, with West Texas crude oil up by 0.04 per cent at US$71.40 per barrel. Energy markets were reacting to shifting tariff talk out of the U.S. and talk of a possible peace deal in Ukraine.
The TSX Composite Index gained 135.40 points to close at 25,698.51 points.
