Glacier FarmMedia — The Canadian dollar was stronger Thursday morning as the country’s trade deficit with the rest world narrowed.
At 8:49 a.m. CDT the Canadian dollar was trading at US$0.7366 or US$1=C$1.3576 which compares with Wednesday’s close of US$0.7341 or US$1=C$1.3622.
Canadian exports were up 1.1 per cent in May while imports fell by 1.6 per cent, reported Statistics Canada. As a result, the trade deficit narrowed to C$5.9 billion from the record C$7.6 billion hit the previous month.
Meanwhile, data out of the United States showed that country’s trade deficit widening sharply in May, increasing by 18.7 per cent to US$71.5 billion.
Crude oil prices were softer Thursday morning, with West Texas Intermediate down 0.40 per cent at US$67.18 per barrel.
The TSX was up 60.79 points at 8:49 CDT to trade at 26,930.45.
