By Commodity News Service Canada
WINNIPEG, March 8 – The Canadian dollar was weaker against its US counterpart in early activity on Wednesday, as the commodity-linked loonie felt pressure from losses in the crude oil market.
Crude futures declined with ideas that demand from China could be lower moving forward, while US production increases, which had a bearish effect on the Canadian dollar.
At 9:10 CST Wednesday, the Canadian dollar was at US$0.7430 or US$=C$1.3459, which compares with Tuesday’s North American close of US$0.7453 or US$1=C$1.3417.
In Canadian domestic data, the value of building permits issued by Canadian municipalities rose 5.4 per cent to C$7.6 billion in January, following two consecutive monthly decreases, Statistics Canada said in a report on Wednesday.
The TSX was down 2.68 points at 9:10 CST Wednesday morning to sit at 15,606.10.
