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Canadian dollar and business outlook

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By Commodity News Service Canada

WINNIPEG, December 20 – The Canadian dollar was mostly steady against its US counterpart in early activity on Tuesday.

The loonie strengthened slightly from earlier lows, propped up by gains in the crude oil market.

At 8:45 CST Tuesday, the Canadian dollar was at US$0.7460 or US$=C$1.3405, which compares with Monday’s North American close of US$0.7453 or US$1=C$1.3417.

Stronger domestic data was also bullish for the Canadian dollar.

Wholesale sales increased 1.1 per cent to C$56.6 billion in October, offsetting most of September’s 1.5 per cent decrease, Statistics Canada said in a report on Tuesday.

The TSX was up 19.25 points at 8:45 CST Tuesday morning to sit at 15,289.10.