By Commodity News Service Canada
WINNIPEG, August 15 (CNS Canada) The Canadian dollar strengthened against its US counterpart Monday morning, rising with crude oil prices and weak US data.
Oil prices fluctuated in choppy trading over the past weeks, remaining around the US$47 point as investors speculated that oil producers will find ways to support prices in a glut market, giving the loonie some support.
Weak US retail-sales numbers released on Friday continue to weigh on the greenback, as prospects the US Federal Reserve will raise interest rates weaken.
Traders remain skeptical of a rate hike, with the odds of a hike standing at nine per cent for September and about 41 per cent for December.
At 8:38 CDT Monday, the Canadian dollar was at US$0.7743 or US$=C$1.2915, which compares with Friday’s North American close of US$0.7715 or US$1=C$1.2962.
The TSX was up 44.54 points, or 0.30 per cent, at 8:38 CDT Monday morning to sit at 14,791.99.
