By Commodity News Service Canada
WINNIPEG, January 5 (CNS Canada) – The Canadian dollar continued to gain ground against US counterpart in early activity on Thursday, supported by advances in crude oil.
Crude oil futures strengthened with reports that OPEC (Organization of the Petroleum Exporting Countries) oil production dropped in December, ahead of when a proposed output cut was set to take place.
At 8:55 CST Thursday, the Canadian dollar was at US$0.7531 or US$=C$1.3278, which compares with Wednesday’s North American close of US$0.7514 or US$1=C$1.3308.
The Industrial Product Price Index (IPPI) rose 0.3 per cent in November, Statistics Canada said in a report on Thursday.
The TSX was up 80.42 points at 8:55 CST Thursday morning to sit at 15,597.17.