By Commodity News Service Canada
Winnipeg, November 4 – The Canadian dollar was lower against its US counterpart Tuesday morning, after Saudi Arabia cut prices to its US customers. Analysts say the move was sparked by the Middle Eastern country’s desire to retain its market share in the face of surging US supplies.
The American Petroleum Institute is expected to publish data that shows an increase in US oil supplies.
Canada’s trade balance shifted to a surplus of $710 million compared to a deficit of $463 during August. The move comes on the heels of dovish comments made by Bank of Canada governor Stephen Poloz.
On the commodity markets, December bullion fell $2.50 to US$1,167.30 an ounce while copper prices sunk five cents to US$3.02 a pound. The December crude oil contract fell US$1.38 to US$77.40.
At 8:45 CST Tuesday, the Canadian dollar was at US$0.8766 or US$=C$1.1408 which compares with Monday’s North American close of US $0.8805, or US$=C$1.1357.
The TSX was down 48.60 points Tuesday morning at 8:45 CST, to sit at 14,489.02.
