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Canadian Dollar and Business Outlook

WINNIPEG, MB, Feb. 6, 2018 (CNS Canada), Feb 06, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The Canadian dollar was down Tuesday morning as stock markets around the world continued to weaken.

At 8:46 CST Tuesday morning the Canadian dollar was at US$0.7969 or C$1.2521, which compares with Monday's North American close of US$0.8011 or C$1.2483.

Oil prices extended Monday's losses Tuesday, tracking the broader market as stock futures pointed towards another day of sharp declines. Brent crude dropped 79 cents to US$66.83 per barrel.

The world stock markets continued their nosedive for a fourth straight day Tuesday, having seen nerves about higher interest rates and overcooked valuations wipe US$4 trillion off of what was just eight days ago record highs. Traders have found themselves switching to focusing on trading traditional investments such as gold and the dollar.

The Dow Jones Industrial Average opened almost another two per cent lower Tuesday, after two days of heavy losses which have undermined faith in the United States stock market's almost decade-long rally. The Dow Jones dropped 536.97 points, or 2.21 per cent, to 23,808.78. The S&P 500 fell 49.06 points, or 1.85 per cent, to 2,599.88. The Nasdaq Composite lost 128.97 points, or 1.85 per cent, to 6,838.56.

The Toronto TSX/S&P Composite Index hit a five-month low Tuesday, as a selloff in global markets weighed on investor sentiment, while domestic data showed a wider-than-expected trade deficit. The TSX/S&P dropped 161.22, or 1.05 per cent, to 15,173.59.

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