BUSINESS

Canadian dollar rises amid higher oil prices, weak manufacturing data

03/16/2012 08:48 EDT | Updated 05/16/2012 05:12 EDT
TORONTO - The Canadian dollar closed little changed Friday amid a weak manufacturing report for January.

The commodity sensitive currency failed to net much in the way of lift from rising oil prices and closed up 0.03 of a cent at 100.82 cents US.

A drop in production in the aerospace sector contributed to a drop in manufacturing sales in January.

Statistics Canada says those sales declined 0.9 per cent to $49.6 billion, which was the second decrease in seven months.

The agency said that lower sales in the primary metals, machinery and other transportation equipment industries also contributed to the overall decline. But excluding the aerospace industry, sales would have been virtually unchanged from December.

Oil prices were higher with the April crude contract in New York ahead $1.95 to US$107.06 a barrel.

Copper prices lost early momentum and slipped two cents to US$3.88 a pound.

Bullion prices continued to weaken with the April contract down $1.90 to US$1,657.60 an ounce.