By Commodity News Service Canada
WINNIPEG, December 1 The Canadian dollar weakened against its US counterpart on Tuesday as crude oil futures etched lower on oversupply woes, pressuring the commodity-linked loonie, despite favourable domestic data on Canada’s economy.
At 8:35 a.m. CST the Canadian dollar was at US$0.7486 or C$1.3358 which compares with Monday’s North American close of US$0.7489, or C$1.3353.
At 8:35 a.m. New York mercantile crude oil futures had lost US$0.38 to sit at US$41.27 a barrel.
In Canadian domestic data, real gross domestic product (GDP) rose 0.6 per cent in the third quarter, following two consecutive quarterly declines. The quarterly growth was driven by increased international demand for Canadian goods and services as exports grew 2.3 per cent, Statistics Canada said in a report on Tuesday.
The TSX was stronger in early activity, up 17.79 points at 8:35 a.m. CST to sit at 13,487.62.
