By Commodity News Service Canada
Winnipeg, November 13 – The Canadian dollar closed lower against its US counterpart on Thursday, pressured by oil prices which dropped below US$75 a barrel in midday trading.
The Canadian economy, which is closely linked to oil production, has seen oil prices plunge by $20 a barrel over the past three months.
The December crude oil contract lost US$2.78 to US$74.40 a barrel. The December gold bullion contract rose US$1.50 to US$1,160.60 an ounce.
Canadian bonds ended modestly higher Thursday, due to gains in US Treasurys.
Canada’s two-year bond yield was 1.008% Thursday, compared with 1.016% late Wednesday.
The Canadian currency closed at C$0.8787 (US$1.1.1380). This compares with Wednesday’s close of C$0.8837 (US$1.1316).
