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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, July 20 (MarketsFarm) – The Canadian dollar was holding relatively steady Tuesday morning, seeing some consolidation after dropping sharply relative to its United States counterpart on Monday.
At 9:04 a.m. CDT Tuesday morning, the Canadian dollar was at US$0.7837 or US$1=C$1.2760 which compares with Monday’s North American close of US$0.7838 or US$1=C$1.2759.
Rising concerns over the COVID-19 delta variant around the world remained a bearish influence on world financial markets, keeping investors focused on relatively safe havens.
Weakness in crude oil, amid expectations for increased production, also continued to weigh on the energy-linked Canadian dollar.
West Texas Intermediate crude oil was down 0.9 per cent at US$65.72 per barrel.
The TSX was stronger, up 123.29 points at 9:04 CDT, trading at 19,849.74 points.

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