By Commodity News Service Canada
WINNIPEG, January 3 (CNS Canada) – The Canadian dollar advanced against its US counterpart in early activity on Tuesday, the first trading day of 2017, underpinned by strength in the crude oil market.
Crude oil futures were stronger Tuesday morning, with some markets moving to 18-month highs, which is bullish for the commodity-linked Canadian dollar.
OPEC (Organization of the Petroleum Exporting Countries) producers are expected to cut output in 2017, which supported crude prices.
At 8:55 CST Tuesday, the Canadian dollar was at US$0.7450 or US$=C$1.3423, which compares with Friday’s North American close of US$0.7448 or US$1=C$1.3427.
There was no significant domestic data released by Statistics Canada on Tuesday.
The TSX was up 162.3 points at 8:55 CST Tuesday morning to sit at 15,449.88.
