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Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, February 24 The Canadian dollar weakened against its US counterpart on Wednesday, as crude oil futures fell with optimism for a production cut.

At 8:45 a.m. CST the Canadian dollar was at US$0.7221 or C$1.3848 which compares with Tuesday’s North American close of US$0.7263, or C$1.3768.

At 8:45 a.m., New York Mercantile crude oil futures had lost US$1.04 to sit at US$30.83 a barrel, as Saudi Arabia’s oil minister ruled out the potential for a production ceiling, but added that OPEC and non-OPEC countries would be meeting next month to discuss a temporary freeze.

In Canadian data, the Royal Bank of Canada’s fiscal first-quarter profit missed analyst projections, according to reports on Wednesday. Lower trading revenue was one source of the declines.

The TSX was weaker in early activity, down 204.1 points at 8:45 a.m. CST to sit at 12,559.35.

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