By MarketsFarm
WINNIPEG, Oct. 20 (MarketsFarm) – The Canadian dollar was slightly weaker on Tuesday due to slight losses in crude oil.
At 8:35 CDT Tuesday morning the Canadian dollar was at US$0.7583 or US$1=C$1.3187, which compares with Monday’s North American close of US$0.7596 or US$1=C$1.3165.
A recent report on home construction rates in the United States indicated one bright spot in an otherwise dour economic outlook. U.S. home construction rose by 1.9 per cent in September, after falling by 6.7 per cent the month prior. Applications for building permits rose by 5.2 per cent, indicating strong building activity will continue.
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The TSX was up 57.53 points at 8:40 CDT to trade at 16,332.03 points.
Crude oil prices were slightly lower on Tuesday morning following a meeting between the Organization of Petroleum Exporting Countries and its allies (OPEC+). Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said the group must be “proactive in the face of uncertain demand” as COVID-19 cases continue to spike worldwide. West Texas Intermediate (WTI) was down by 45 cents at US$40.38 per barrel. Brent Crude lost 38 cents to trade at US$42.24.
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