By MarketsFarm
WINNIPEG, Nov. 2 (MarketsFarm) – The Canadian dollar was stronger Monday morning, seeing a correction to start the month after declining relative to its United States counterpart last week.
At 8:31 CST Monday morning the Canadian dollar was at US$0.7535 or C$1.3271 which compares with Friday’s North American close of US$0.7509 or C$1.3318.
Solid factory data out of Europe and China contributed to the early strength in the Canadian dollar, as world equity markets regained some lost ground after renewed pandemic concerns had weighed on values last week.
However, uncertainty ahead of the U.S. presidential election on Tuesday kept some caution in all financial and commodity markets, with a move to less risky assets ahead of the contentious vote putting some pressure on the Canadian currency.
Crude oil weaker in early activity, with West Texas Intermediate crude oil down 1.5 per cent at US$35.27 per barrel.
The TSX was up by 101.78 points at 8:31 CST to trade at 16,682.42 points.
