By Commodity News Service Canada
WINNIPEG, December 2 The Canadian dollar weakened against its US counterpart on Wednesday as the US released favourable jobs data and as crude oil futures softened.
At 8:45 a.m. CST the Canadian dollar was at US$0.7463 or C$1.3399 which compares with Tuesday’s North American close of US$0.7483, or C$1.3364.
At 8:45 a.m. New York mercantile crude oil futures had lost US$0.94 to sit at US$40.91 a barrel.
US private employers added 217,000 jobs in November, according to reports out of the country, which caused the greenback to strengthen.
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In Canadian domestic data, foreign majority-owned affiliates in Canada accounted for more than half of total international trade in goods and commercial services (exports plus imports), and represented nearly one in eight jobs in Canada in 2013. A large proportion of this activity was controlled by US corporations, Statistics Canada said in a report on Wednesday.
According to StatsCan, foreign majority-owned firms owned C$2 trillion of assets and generated C$1 trillion in operating revenue in Canada in 2012, the most recent year for which this information is available.
The TSX was weaker in early activity, down 19.35 points at 8:45 a.m. CST to sit at 13,616.71.
