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Canadian dollar and business outlook

| 1 min read

By Commodity News Service Canada

WINNIPEG, November 10 – The Canadian dollar lost ground against its US counterpart in early activity on Thursday, following losses in crude oil.

Crude oil futures lost close to 1.70 per cent in early trading, which pressured the commodity-linked loonie.

The greenback advanced Thursday morning, recovering from declines following Donald Trump’s win of the US presidential election.

Strong US domestic data further supported the country’s currency.

At 8:45 CST Thursday, the Canadian dollar was at US$0.7414 or US$=C$1.1.3488, which compares with Wednesday’s North American close of US$0.7475 or US$1=C$1.3378.

In Canadian domestic data, the New Housing Price Index (NHPI) rose 0.2 per cent in September compared with the previous month, Statistics Canada said in a report on Thursday.

The TSX was up 68.67 points at 8:45 CST Thursday morning to sit at 14,828.58.