Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, October 4 – The Canadian dollar lost ground against its US counterpart on Tuesday, as the greenback gathered strength from domestic data.

The US dollar was propped up by strong manufacturing and consumer sentiment data, analysts say, which pushed the loonie lower.

However, advances in the crude oil market limited losses in the commodity-linked Canadian dollar Tuesday morning.

At 8:50 CDT Tuesday, the Canadian dollar was at US$0.7609 or US$=C$1.3142, which compares with Monday’s North American close of US$0.7628 or US$1=C$1.3110.

There was no significant domestic data released by Statistics Canada on Tuesday.

The TSX was down 32.87 points at 8:50 CDT Tuesday morning to sit at 14,656.17.