By Commodity News Service Canada
WINNIPEG, May 16 – The Canadian dollar was stronger against its US counterpart on Tuesday.
The loonie was underpinned by advances in the crude oil market and a weaker tone in the US dollar.
Crude oil futures advanced with the expectation that OPEC (Organization of the Petroleum Exporting Countries) will extend a production cap, easing a global glut of the commodity.
The US dollar dropped on Tuesday, pressured by doubts about US President Donald Trump’s economic policy and weaker domestic data as of late.
At 9:10 CDT Tuesday, the Canadian dollar was at US$0.7345 or US$=C$1.3615, which compares with Monday’s North American close of US$0.7331 or US$1=C$1.3641.
In Canadian domestic data, the Farm Input Price Index decreased 0.2 per cent in the fourth quarter of 2016, Statistics Canada said in a report on Tuesday.
The TSX was up 23.77 points at 9:10 CDT Tuesday morning to sit at 15,653.24.
