By Commodity News Service Canada
WINNIPEG, Dec. 11 (CNS Canada) – The Canadian dollar has stabilized Tuesday morning following sharp losses on Monday.
At 8:47 CST Tuesday morning the Canadian dollar was at US$0.7465 or C$1.3292, which compares with Monday’s North American close of US$0.7464 or C$1.3393.
China has moved toward cutting its 40 per cent tariff on United States built cars to 15 per cent. In discussions between trade officials from both countries early Tuesday, the proposal will be forwarded to China’s cabinet for approval. The move comes in light of tensions between the economic superpowers over the arrest in Canada of Huawei Chief Financial Officer Meng Wanzhou. The U.S. wants Meng extradited to face fraud charges.
Oil prices were up Tuesday morning. West Texas Intermediate crude was at US$52.16 per barrel after closing Monday at US$51.00.
Gold was up Tuesday morning by 50 cents to US$1,245.40 per ounce.
The TSX/S&P Composite Index was up 193.38 points Tuesday morning at 14,818.46.
