Canadian dollar and business outlook

Glacier FarmMedia | MarketsFarm — The Canadian dollar was weaker Tuesday morning as activity picked up after Remembrance Day.

Canadian municipalities issued C$13.0 billion worth of building permits in September, which was up by 11.5 per cent from the previous month and the second-highest level since the start of the new series in January 2017, reported Statistics Canada.

At 9:14 a.m. CDT the Canadian dollar was trading at US$0.7175 or US$1=C$1.3937 which compares with Friday’s close of US$0.7188 or US$1=C$1.3913.

Crude oil was firmer, with West Texas Intermediate crude oil up by 0.35 per cent at US$71.02 per barrel. OPEC lowered its demand growth forecast, now predicting global oil consumption will increase by just under two per cent in 2024.

The TSX was stronger in early activity, gaining 175.05 points at 9:14 CDT to trade at 24,964.33.