By Commodity News Service Canada
Winnipeg, November 17 – The Canadian dollar was lower against its US counterpart Monday morning, as reports came out of Japan indicating the country has slipped into recession.
Despite frantic economic positioning by Japanese Prime Minister Shinzo Abe, the country’s manufacturers continue to lose ground to their Asian rivals while the country’s population continues to grow older.
The US passed legislation in favour of building TransCanada’s (TSX:TRP) Keystone XL pipeline. It is expected supporters will get the 60 votes they need in the Senate to pass it this week. President Obama will then have to decide whether or not to veto it.
On the commodity markets, December bullion jumped $1.10 to US$1,186.70 an ounce while copper prices fell two cents to US$3.03 a pound. The December crude oil contract faded US$0.82 to US$75.00 a barrel.
At 8:50 CST Monday, the Canadian dollar was at US$0.8833 or US$=C$1.1321 which compares with Friday’s North American close of US $0.8868, or US$=C$1.1277.
The TSX was up 11.20 points Monday morning at 8:50 CST, to sit at 14,854.30.
