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Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, December 13 – The Canadian dollar advanced against its US counterpart in early activity on Tuesday as crude oil futures continued to rise.

New York Mercantile crude oil futures continued to see strong gains in anticipation from production cuts by Abu Dhabi, Kuwait and Qatar, which was bullish for the commodity-linked Canadian dollar.

At 8:40 CST Tuesday, the Canadian dollar was at US$0.7621 or US$=C$1.3122, which compares with Monday’s North American close of US$0.7614 or US$1=C$1.3134.

In Canadian domestic data, Canada’s net foreign asset position increased by C$31.5 billion in the third quarter to C$115.3 billion, following two quarters of decline, Statistics Canada said in a report on Tuesday.

The TSX was up 68.73 points at 8:40 CST Tuesday morning to sit at 15,356.43.

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