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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Nov. 25 (MarketsFarm) – The Canadian dollar was posting small gains relative to its United States counterpart Wednesday morning, but was off its overnight highs after running into chart resistance.
At 9:03 CST Wednesday morning the Canadian dollar was at US$0.7686 or C$1.3011 which compares with Tuesday’s North American close of US$0.7673 or C$1.3033.
Gains in crude oil, amid optimism that a COVID-19 vaccine will soon become available, provided spillover support for the Canadian currency.
However, larger-than-expected U.S. crude oil stockpiles did temper the advances in the energy markets to some extent.
West Texas Intermediate crude oil was up 1.0 per cent, at US$43.36 per barrel.
The TSX was down by 35.86 points at 9:03 CST to trade at 17,238.39 points.

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