By Commodity News Service Canada
Winnipeg, December 16 – The Canadian dollar rebounded Tuesday morning, rising slightly higher, as oil volatility and foreign market activity kept traders on edge.
At 8:45 CST Tuesday morning, the loonie was up 0.0025 of a cent to US$0.8600 or US$1 = C$1.1628. The rise came as data was released showing Canadian manufacturing sales declined 0.6 percent in October to C$52.7 billion. Reduced production of aerospace products and lower metal sales were partially to blame, according to a report.
As well, investors are waiting to hear from the US Central Bank about the issue of interest rates and when a hike may be coming. A statement from the central bank is expected on Wednesday.
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On the commodity markets the January crude contract in New York fell $1.64 to US$54.27 a barrel. March copper fell one cent to US$2.87 a pound while the February gold contract jumped $9.80 to US$1,217.50 an ounce.
At 8:45 CST Tuesday morning, the TSX was down 26.76 points to 13,705.14.
