By Commodity News Service Canada
WINNIPEG, November 22 – The Canadian dollar advanced against its US counterpart in early activity on Tuesday, underpinned by strong domestic data.
Following four months of little change, retail sales rose 0.6 per cent to C$44.4 billion in September on the strength of higher sales at motor vehicle and parts dealers, Statistics Canada said in a report on Tuesday.
The news supported the loonie, as increases in retail sales are supportive for the country’s gross domestic product.
However, crude oil was slightly weaker in early activity, which limited gains in the Canadian dollar.
At 8:42 CST Tuesday, the Canadian dollar was at US$0.7465 or US$=C$1.3396, which compares with Monday’s North American close of US$0.7455 or US$1=C$1.3413.
The TSX was up 22.00 points at 8:42 CST Tuesday morning to sit at 15,061.87.
