Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, November 5 The Canadian dollar weakened against its US counterpart Thursday morning as crude oil futures dropped, and amid speculation about the Fed raising interest rates in December.

At 8:50 a.m. CST the Canadian dollar was at US$0.7594 or C$1.3168 which compares with Wednesday’s North American close of US$0.7600, or C$1.3157.

At 8:50 a.m. New York mercantile crude oil futures had lost US$0.42 to sit at US$45.90 a barrel.

The chair from the US Federal Reserve said the country has given economic indications it could handle an interest rate hike.

There was no significant economic data released by Statistics Canada on Thursday.

The TSX was weaker in early activity, down 34.98 points at 8:50 a.m. CST to sit at 13,626.84.