By Commodity News Service Canada
WINNIPEG, June 9 The Canadian dollar strengthened against its US counterpart Tuesday morning as crude oil prices rose with the expectation that high supplies will be on par with seasonal demands.
At 8:30 a.m. CDT the Canadian dollar was at US$0.8104 or C$1.2339 which compares with Monday’s North American close of US$0.8066, or C$1.2398.
Despite a global oversupply looming after a consensus from OPEC, summer brings a greater demand for oil due to people flying and driving to go on vacation, according to analysts.
The TSX was weaker in early activity, down 213.83 points at 8:30 a.m. CDT to sit at 14,743.33.
