By Commodity News Service Canada
WINNIPEG, Oct. 3 (CNS Canada) – The Canadian dollar was slightly weaker Tuesday morning, after a drop in the price of oil Monday.
At 8:52 CDT Tuesday morning the Canadian dollar was at US$0.7990 or C$1.2516 which compares with Monday’s North American close of US$0.7997 or C$1.2505.
U.S. crude oil settled 2.1 per cent lower Monday afternoon at US$50.58 a barrel as U.S. drilling increased and more output from the Organization of Petroleum Exporting Countries put a stop to the biggest third-quarter price gain in 13 years.
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The Canadian government’s proposed income tax changes are expected to be front and centre at a first ministers’ meeting Tuesday. The provinces, which are responsible for health-care, are concerned the tax change proposals will cost them more if they have to back fill with extra funding for any tax benefits many doctors may lose under the plan.
The MSCI index of 47 countries was pushed higher during overseas trading, as North American markets were poised to open. It was the 10th straight record high since July for the benchmark index, with no signs of a slowdown.
The TSX opened slightly higher Tuesday morning at 15,721.38, up 16.38 points or 0.1 per cent, as gains in the resource and financial sectors offset a decline in shares of TMX Group after Scotia Capital and Alberta Investment Management said they would cut their stake in the company.
