By Commodity News Service Canada
WINNIPEG, May 9 – The Canadian dollar was weaker against its US counterpart in early activity on Tuesday, pressured by losses in the crude oil market.
Crude futures declined Tuesday morning, feeling the effects of rising US production, which is bearish for the commodity-linked loonie.
At 10:15 CDT Tuesday, the Canadian dollar was at US$0.7285 or US$=C$1.3727, which compares with Monday’s North American close of US$0.7297 or US$1=C$1.3705.
In Canadian domestic data, the value of building permits issued by Canadian municipalities fell 5.8 per cent to C$7.0 billion in March, marking a second consecutive monthly decrease, Statistics Canada said on Tuesday.
The TSX was down 90.86 points at 10:15 CDT Tuesday morning to sit at 15,561.22.
