By MarketsFarm
WINNIPEG, Feb. 18 (MarketsFarm) – The Canadian dollar was slightly weaker Tuesday morning after the long weekend due to lower than expected manufacturing sales in December and to falling crude oil prices.
As of 8:38 CST, the Canadian dollar was at US$0.7538 or C$1.3265. That compares to Friday’s North American close of US$0.7548 or C$1.3249.
Statistics Canada reported factory shipments that month were down 0.7 per cent compared to November and that marked the fourth consecutive monthly drop. Also affecting manufacturing sales were a 6.8 per cent drop in motor vehicle shipments and a 16-point decline in aerospace products. Economists predicted manufacturing sales would have increased by 0.7 per cent, based on increased exports in December.
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Crude oil prices were dropping Tuesday morning as reports of Chinese refineries cutting production, due to COVID-19 hurting demand, fueled oil’s decline.
Brent crude oil fell US$1.28 at US$56.39 per barrel and West Texas Intermediate lost $1.01 at US$51.04 per barrel. Western Canadian Select dropped US$1.52 at US$33.82 per barrel.
The TSX/S&P Composite Index opened down 16.00 points at 17,832.36.
Gold was up US$8.92 at US$1,590.05 per ounce.
