By MarketsFarm
WINNIPEG, Nov. 23 (MarketsFarm) – The Canadian dollar was weaker Tuesday morning, as broad strength in the United States dollar internationally weighed on the currency.
At 8:58 a.m. CST Tuesday morning, the Canadian dollar was at US$0.7866 or US$1=C$1.2713 which compares with Monday’s close of US$0.7886 or US$1=C$1.2680.
Flash estimates from Statistics Canada show the country’s manufacturing sector rose by 4.1 per cent in October, due primarily to increased motor vehicle sales. The complete data will be released in December.
News that the U.S. is planning on releasing oil from its strategic reserves in an effort to temper high energy prices put some pressure on the Canadian dollar. However, crude oil managed to turn higher, keeping some uncertainty in the markets.
West Texas Intermediate was up 2.3 per cent at US$78.53 per barrel.
The TSX was stronger, up 40.71 points at 8:58 CST, trading at 21,461.48 points.
