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Canadian dollar and business outlook

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Published: January 10, 2017

By Commodity News Service Canada

WINNIPEG, January 10 – The Canadian dollar was higher against its US counterpart in early activity on Tuesday, propped up by strong economic data.

The Canada Mortgage and Housing Corporation reported higher than expected housing starts, which supported the loonie.

Housing starts reached a seasonally adjusted 207,041 units in December, the CMHC said.

At 9:20 CST Tuesday, the Canadian dollar was at US$0.7576 or US$=C$1.3199, which compares with Monday’s North American close of US$0.7559 or US$1=C$1.3230.

In other Canadian domestic data, municipalities issued C$7.8 billion worth of building permits in November, down 0.1 per cent from the previous month, Statistics Canada said in a report on Tuesday.

The TSX was up 37.99 points at 9:20 CST Tuesday morning to sit at 15,426.94.

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