By Commodity News Service Canada
WINNIPEG, November 29 – The Canadian dollar was weaker against its US counterpart in early activity on Tuesday, pressured by losses in the crude oil market.
New York Mercantile crude oil futures lost close to four per cent Tuesday morning, pressured by ideas that OPEC (Organization of the Petroleum Exporting Countries) will not be able to come to an agreement at Wednesday’s meeting.
Data showing that the US economy grew faster than analysts had expected in the third-quarter further pressured the loonie.
At 9:00 CST Tuesday, the Canadian dollar was at US$0.7428 or US$=C$1.3463, which compares with Monday’s North American close of US$0.7451 or US$1=C$1.3421.
In domestic data, Canada’s current account deficit (on a seasonally adjusted basis) narrowed C$0.7 billion in the third quarter to C$18.3 billion, following three straight quarterly increases, Statistics Canada said in a report on Tuesday.
The TSX was down 69.33 points at 9:00 CST Tuesday morning to sit at 14,946.03.
