Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, July 19 (CNS Canada) The Canadian dollar weakened slightly against its US counterpart Tuesday morning, falling with crude oil.

Oil prices dropped as stockpiles of crude and refined fuel rose, creating fear in the market of the possibility of another major glut, weighing on the loonie.

The market was unfazed with news of a purge after a failed coup in Turkey, limiting losses.

The loonie made gains against the Japanese yen and Swiss franc, but lost ground against emerging market currencies, such as Mexico’s peso and Russia’s ruble.

At 9:06 CDT Tuesday, the Canadian dollar was at US$0.7669 or US$=C$1.3040, which compares with Monday’s North American close of US$0.7730 or US$1=C$1.2937.

The TSX was down 17.11 points, or 0.12 per cent, at 9:06 CDT Tuesday morning to sit at 14,515.29.