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Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, February 17 The Canadian dollar was stronger against its US counterpart on Wednesday as crude oil futures gained ground.

At 8:42 a.m. CST the Canadian dollar was at US$0.7252 or C$1.3789 which compares with Tuesday’s North American close of US$0.7204, or C$1.3881.

At 8:42 a.m., New York Mercantile crude oil futures had gained US$1.02 to sit at US$30.06 a barrel.

In Canadian domestic data, Canadian investors acquired C$17.4 billion of foreign securities in December, a second consecutive month of strong investment abroad. Meanwhile, foreign investors reduced their holdings of Canadian securities by C$1.4 billion, led by federal government debt securities, Statistics Canada said in a report on Wednesday.

The TSX was stronger in early activity, up 99.16 points at 8:42 a.m. CST to sit at 12,654.14.

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