By Commodity News Service Canada
WINNIPEG, November 30 – The Canadian dollar advanced against its US counterpart in early activity on Wednesday, propped up by gains in crude oil.
New York Mercantile crude oil futures gained more than seven per cent Wednesday morning, buoyed by early reports that OPEC (Organization of the Petroleum Exporting Countries) producers have reached a production output deal.
The news was bullish for the commodity-linked Canadian dollar.
At 9:15 CST Wednesday, the Canadian dollar was at US$0.7451 or US$=C$1.3421, which compares with Tuesday’s North American close of US$0.7442 or US$1=C$1.3437.
In domestic data, real gross domestic product (GDP) grew 0.9 per cent in the third quarter, following a 0.3 per cent decline in the second quarter, Statistics Canada said in a report on Wednesday.
The TSX was up 111.3 points at 9:15 CST Wednesday morning to sit at 15,111.06.
