Glacier FarmMedia — The Canadian dollar strengthened on Thursday, hitting fresh three-week highs relative to its United States counterpart as currency markets continued to take direction from developments in the Middle East.
- The Canadian dollar settled at US$0.7294 or US$1=C$1.3710, which compares with Wednesday’s close of US$0.7275 or US$1=C$1.3746.
- Israel and Lebanon reportedly agreed to a 10-day ceasefire, while the U.S. and Iran are expected to be resuming peace talks this weekend.
- New motor vehicle sales in Canada were down by 0.9 per cent in February compared to the same month a year ago, reported Statistics Canada. However, in dollar terms, sales only dipped by 0.1 per cent on the year.
- West Texas Intermediate crude oil strengthened, up 2.13 per cent at US$90.01 per barrel.
- The TSX Composite Index lost 103.76 points at 34,052.23 points.
