By Commodity News Service Canada
WINNIPEG, Jan. 13 The Canadian dollar strengthened relative to the US dollar Tuesday morning, seeing an upward correction after Monday’s sharp decline, analysts said.
At 8:49 CST Tuesday the Canadian dollar was at US$0.8376 or US$=C$1.1939, which compares with Monday’s North American close of US$0.8356 or US$=C$1.1967.
News that China’s exports rebounded in December was supportive, as that’s positive for economic growth in the country. But, reports that import demand slowed during the month was bearish.
Crude oil values continued to tumble Tuesday morning, which also weighed on the Canadian currency. Since crude oil is one of Canada’s biggest exports, weakness in its price is likely to have a negative impact on economic growth.
The TSX was up 38.88 points, or 0.27%, at 8:49 CST Tuesday morning to sit at 14,303.89.
