By Commodity News Service Canada
WINNIPEG, January 6 The Canadian dollar weakened to fresh 12-year-lows against its US counterpart on Wednesday, as crude oil futures plummeted once again.
At 8:40 a.m. CST the Canadian dollar was at US$0.7104 or C$1.4076 which compares with Tuesday’s North American close of US$0.7148, or C$1.3989.
At 8:40 a.m., New York Mercantile crude oil futures had shed US$1.33 to sit at US$34.64 a barrel, as tension between Saudi Arabia and Iran made the potential for an oil production ceiling even less likely.
In Canadian domestic data, Canada’s imports decreased 0.7 per cent in November and exports increased 0.4 per cent. Import volumes declined 1.6 per cent while prices increased 0.9 per cent. For exports, volumes were up 0.7 per cent while prices declined 0.4 per cent.
According to StatsCan, Canada’s merchandise trade deficit with the world narrowed from C$2.5 billion in October to C$2 billion in November.
The TSX was weaker in early activity, down 142.3 points at 8:40 a.m. CST to sit at 12,777.84.