Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, February 9 The Canadian dollar gained against its US counterpart on Tuesday.

The US dollar index dropped to levels not seen since October following a string of unfavourable US domestic data, which in turn propped up the Canadian dollar.

At 8:45 a.m. CST the Canadian dollar was at US$0.7217 or C$1.3856 which compares with Monday’s North American close of US$0.7177, or C$1.3934.

In Canadian domestic data, Canada produced 19.2 million cubic metres of crude oil and equivalent products in November, up 3.6 per cent from the same month a year earlier, Statistics Canada said in a report on Tuesday.

The TSX was weaker in early activity, down 219.3 points at 8:45 a.m. CST to sit at 12,316.07.