Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, November 10 The Canadian dollar weakened against its US counterpart Tuesday morning as a turnaround in crude oil futures pressured the loonie.

At 8:40 a.m. CST the Canadian dollar was at US$0.7528 or C$1.3284 which compares with Monday’s North American close of US$0.7533, or C$1.3275.

At 8:40 a.m. New York mercantile crude oil futures had lost US$0.03 to sit at US$43.84 a barrel.

In Canadian domestic data, real gross domestic product (GDP) increased for all provinces and territories in 2014 except Newfoundland and Labrador, New Brunswick and Yukon. The Northwest Territories had the largest increase at 5.8 per cent, followed by Alberta with 4.8 per cent and Nunavut gained 3.3 per cent. Nationally, real GDP rose 2.5 per cent in 2014, compared with 2.2 per cent in 2013, Statistics Canada said in a report on Tuesday.

The TSX was weaker in early activity, down 72.98 points at 8:40 a.m. CST to sit at 13,409.64.