By Commodity News Service Canada
WINNIPEG, November 9 – The Canadian dollar declined sharply against its US counterpart in early activity on Wednesday.
The loonie lost more than 1.20 per cent Wednesday morning, pressured by Donald Trump winning the US presidential election.
Ideas that Trump’s victory could affect Canadian trade relations had a bearish effect on the country’s currency.
Weakness in crude oil markets added to the downside in the commodity-linked loonie.
At 8:53 CST Wednesday, the Canadian dollar was at US$0.7428 or US$=C$1.1.3462, which compares with Tuesday’s North American close of US$0.7516 or US$1=C$1.3305.
In Canadian domestic data, real gross domestic product (GDP) in Canada rose 0.9 per cent in 2015, following a 2.6 per cent increase in 2014, Statistics Canada said in a report on Wednesday.
The TSX was up 18.33 points at 8:53 CST Wednesday morning to sit at 14,675.17.
