By Commodity News Service Canada
WINNIPEG, January 13 The Canadian dollar strengthened against its US counterpart on Wednesday, gathering support from gains in crude oil futures.
At 8:35 a.m. CST the Canadian dollar was at US$0.7027 or C$1.4231 which compares with Tuesday’s North American close of US$0.7014, or C$1.4257.
New York Mercantile crude oil futures had gained US$0.80 a barrel to sit at US$31.24, at 8:35 a.m. on Wednesday, as better-than-expected export data from China propped up the market.
In Canadian domestic data, Canada produced 18.6 million cubic metres of crude oil and equivalent products in October, down three per cent from the same month the year before, Statistics Canada said in a report on Wednesday.
The TSX was stronger in early activity, up 87.71 points at 8:35 a.m. CST to sit at 12,461.61.
