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Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, MB, May 9, 2018 (CNS Canada) – The Canadian dollar
was higher Wednesday, supported by gains in the price of oil.

At 8:41 CDT Wednesday morning the Canadian dollar was at
US$0.7755 or C$1.2887, which compares with Tuesday’s North
American close of US$0.7714 or C$1.2963.

Oil prices rose more than three per cent on Wednesday,
hitting three-and-a-half year highs, after United States
President Donald Trump abandoned a nuclear deal with Iran and
announced the “highest level” of sanctions against them. Brent
crude rose to US$77.20 per barrel.

Wall Street opened higher Wednesday, boosted by a rise in
the price of oil. The Dow Jones Industrial Average gained 38.97
points, or 0.16 per cent, to 24,399.18. The S&P 500 rose 6.20
points, or 0.23 per cent, to 2,678.12. The Nasdaq Composite added
14.63 points, or 0.20 per cent, to 7,281.53.

The Toronto TSX/S&P Composite Index opened higher Wednesday,
led by an increase in the price of oil. The TSX/S&P rose 44.23
points, or 0.28 per cent, to 15,886.94.

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