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Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, December 14 The Canadian dollar strengthened against its US counterpart on Monday as the loonie saw some recovery, but still hovered near an 11-and-a-half year low on weakness in crude oil.

At 8:45 a.m. CST the Canadian dollar was at US$0.7284 or C$1.3729 which compares with Friday’s North American close of US$0.7277, or C$1.3742.

At 8:45 a.m., New York Mercantile crude oil futures had lost US$0.21 to sit at US$35.41 a barrel.

In Canadian domestic data, national wealth, or the total value of non-financial assets in the Canadian economy, declined C$190.4 billion to C$9,205 billion at the end of the third quarter, Statistics Canada said in a report on Monday.

According to StatsCan, the loss was mainly attributable to a C$285.4 billion decrease in the value of natural resource wealth as energy prices fell in the quarter.

The TSX was weaker in early activity, down 53.57 points at 8:45 a.m. CST to sit at 12,736.38.

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