By Commodity News Service Canada
WINNIPEG, December 22 The Canadian dollar strengthened against its US counterpart on Tuesday, as the US GDP was revised downward.
At 8:35 a.m. CST the Canadian dollar was at US$0.7173 or C$1.3941 which compares with Monday’s North American close of US$0.7161, or C$1.3941.
At 8:35 a.m., New York Mercantile crude oil futures had lost US$0.08 to sit at US$34.66 a barrel.
Gross domestic product in the US was revised downward to two per cent from 2.1 per cent according to the country’s Bureau of Economic Analysis.
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In Canadian domestic data, the value of investment in new residential building construction rose 4.3 per cent year over year to C$4.7 billion in October, following a 4.8 per cent gain the previous month, Statistics Canada said in a report on Tuesday.
According to StatsCan, the increase at the national level was mainly attributable to higher construction spending on apartment and apartment-condominium buildings, which offset declines in investment related to single-family and semi-detached dwelling construction.
The TSX was weaker in early activity, down 10.45 points at 8:35 a.m. CST to sit at 13,023.93.
