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Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, January 15 The Canadian dollar weakened against its US counterpart on Friday, pressured by plummeting crude oil futures.

At 8:45 a.m. CST the Canadian dollar was at US$0.6929 or C$1.4432 which compares with Thursday’s North American close of US$0.6963, or C$1.4362.

New York Mercantile crude oil futures had lost US$1.60 a barrel to sit at US$29.60 at 8:45 a.m. on Friday, as many expect Iran to add oil to an already oversupplied market.

In Canadian domestic data, the new lending services price index increased by 3.4 per cent in the third quarter, following a 4.7 per cent decline the previous quarter, Statistics Canada said in a report on Friday.

The TSX was weaker in early activity, down 255.13 points at 8:45 a.m. CST to sit at 12,080.90.

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