By Commodity News Service Canada
WINNIPEG, November 1 – The Canadian dollar gained against its US counterpart in early activity on Tuesday, underpinned by advances in crude oil.
Ideas that the US Federal Reserve will not be raising interest rates this month, due to the meeting’s close proximity to the presidential election, added to the loonie’s gains.
At 8:35 CDT Tuesday, the Canadian dollar was at US$0.7479 or US$=C$1.3371, which compares with Monday’s North American close of US$0.7456 or US$1=C$1.3411.
In Canadian domestic data, real gross domestic product rose 0.2 per cent in August, following a 0.4 per cent increase in July. The output of goods-producing industries rose while service-producing industries were essentially unchanged, Statistics Canada said in a report on Tuesday.
The TSX was up 52.79 points at 8:35 CDT Tuesday morning to sit at 14,840.06.