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Canadian Dollar and Business Outlook

WINNIPEG, MB, Dec. 5, 2017 (CNS Canada), Dec 05, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

The Canadian dollar was slightly higher at open Tuesday despite losses in the price of oil.

At 9:05 CST Tuesday morning the Canadian dollar was at US$0.7895 or C$1.2673, which compares with Monday's North American close of US$0.7877 or C$1.2695.

Oil prices slipped Tuesday as investors took profits in the wake of Organization of Petroleum Exporting Countries and other producers' pact to extend output cuts, although an expected drop in United States crude inventories lent support. Brent crude was down 14 cents Tuesday to US$62.31 per barrel, declining for the second day in a row.

Bitcoin hit a new record high Tuesday to US$11,850, continuing its surge from below US$1,000 at the start of the year.

Wall Street opened mixed Tuesday as the Nasdaq Composite index fell due to a selloff in tech stocks continued for the second day, while the Dow was higher as investors looked to profit from stock that would benefit more from potential corporate tax cuts. The Dow Jones Industrial Average increased 54.91 points, or 0.23 per cent, to 24,344.96. The S&P 500 dropped 0.02 points, 0.000758 per cent, to 2,639.42. The Nasdaq Composite fell 18.40 points, or 0.27 per cent, to 6,756.97.

The Toronto TSX/S&P Composite Index opened lower Tuesday as falling copper and other commodity prices weighed on mining stocks while shares of banks pushed higher at the tail end of their earnings season. The TSX/S&P was down 8.32 points, or 0.05 per cent, to 15,960.71.

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