By Commodity News Service Canada
WINNIPEG, Jan. 8 (CNS Canada) – The Canadian dollar is up Tuesday morning despite news that Canada’s trade deficit ballooned in November.
At 8:56 CST Tuesday morning the Canadian dollar was at US$0.7520 or C$1.3293, which compares with Monday’s North American close of US$0.7511 or C$1.3310.
Statistics Canada released a report Tuesday morning stating the country’s trade deficit was C$2.1 billion in November, much larger than October’s trade deficit of C$851 million. As exports fell by almost three per cent in November, oil dropped 18 per cent as over production and the inability to ship oil resulted in a decline in prices.
The TSX/S&P Composite Index was up 127.38 points Tuesday morning at 14,631.51.
Oil prices are up Tuesday morning. West Texas Intermediate crude is at US$49.46 per barrel after closing Monday at US$48.52.
Gold is down by US$8.10 Tuesday morning to US$1,281.80 per ounce.
