By Commodity News Service Canada
WINNIPEG, January 12 The Canadian dollar strengthened against its US counterpart on Tuesday, propped up by gains in crude oil.
At 8:40 a.m. CST the Canadian dollar was at US$0.7038 or C$1.4209 which compares with Monday’s North American close of US$0.7031, or C$1.4223.
New York Mercantile crude oil futures had gained US$0.53 a barrel to sit at US$31.94 at 8:40 a.m. on Tuesday.
There was no significant economic data released by Statistics Canada on Tuesday.
The US Federal Reserve may not be raising interest rates four times throughout the year, a Fed official said on Tuesday, which could support the loonie throughout the year.
The TSX was weaker in early activity, up 82.70 points at 8:40 a.m. CST to sit at 12,401.95.