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Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, Nov. 16 (CNS Canada) – The Canadian dollar is slightly up Friday morning.

At 8:46 CST Friday morning the Canadian dollar was at US$0.7609 or C$1.3137, which compares with Thursday’s North American close of US$0.7575 or C$1.3202.

Ontario Minister of Finance Victor Fedeli said yesterday in his Fall Economic Statement that the province’s deficit has been reduced by C$500 million to C$14.5 billion. Fedeli said C$3.2 billion in government efficiencies were found. But the province is losing C$2.7 billion in revenue, $1.5 billion through cancelling Ontario’s cap and trade program and C$500 million by eliminating income tax for Ontarians earning less than C$30,000 per year.

Oil prices Friday morning were slightly up. West Texas Intermediate crude this morning climbed to US$57.50 per barrel after closing yesterday at US$56.76 per barrel.

Gold is up Friday morning to US$1,225.80 per ounce from yesterday’s close of US$1,215.00 per ounce.

The Toronto TSX/S&P Composite Index was down 54.13 points Friday morning shortly after open at 15,090.75.

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