By Commodity News Service Canada
WINNIPEG, February 16 The Canadian dollar was slightly stronger against its US counterpart on Tuesday, as crude oil futures gained some ground.
At 8:35 a.m. CST the Canadian dollar was at US$0.7222 or C$1.3846 which compares with Friday’s North American close of US$0.7214, or C$1.3846.
At 8:35 a.m., New York Mercantile crude oil futures had gained US$0.07 to sit at US$29.51 a barrel, as Russia and Saudi Arabia, among others, proposed a production freeze.
However the expectation that Iran will oppose the proposal limited crude’s gains.
In Canadian domestic data, manufacturing sales increased 1.2 per cent to C$51.6 billion in December, their second consecutive advance, Statistics Canada said in a report on Tuesday.
The TSX was stronger in early activity, up 133.7 points at 8:35 a.m. CST to sit at 12,514.98.
