By Commodity News Service Canada
WINNIPEG, October 13 – The Canadian dollar weakened against its
US counterpart Tuesday as crude oil prices fell, and as Chinese
economic data undermined global markets.
At 8:50 a.m. CDT the Canadian dollar was at US$0.7667 or C$1.3043
which compares with Friday’s North American close of US$0.7730, or
C$1.2937.
A report from the International Energy Association caused crude
oil prices to fall, as the agency said demand for the commodity will
drop, and Iranian production will increase throughout 2016.
The news sent the commodity-linked Canadian dollar tumbling.
Crude Oil WTI Futures were volatile on Tuesday, switching
between gains and losses. At 8:50 a.m, the November contract had
gained US$0.11 to sit at US$47.21 a barrel.
Chinese imports fell 20.4 per cent in September, which further
pressured the loonie, especially as there was no significant economic
data released by Statistics Canada on Tuesday.
The TSX was weaker in early activity, down 78.51 points at 8:50
a.m. CDT to sit at 13,885.85.
