Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, January 11 The Canadian dollar rebounded against its US counterpart on Monday, despite losses in crude oil futures.

At 8:45 a.m. CST the Canadian dollar was at US$0.7088 or C$1.4108 which compares with Friday’s North American close of US$0.7068, or C$1.4149.

New York Mercantile crude oil futures had shed US$0.62 a barrel to sit at US$32.54, at 8:45 a.m. on Monday.

In Canadian economic data, housing starts dropped off in December, to a seasonally adjusted annualized rate of 172,965 units in December from an upwardly revised 212,028 units in November, according to the Canadian Mortgage and Housing Corporation.

The TSX was weaker in early activity, down 18.00 points at 8:45 a.m. CST to sit at 12,427.45.