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Ralph Lauren Polo Outlet Online Canadian dollar advances amid weakening greenback
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TORONTO The Canadian dollar closed higher Tuesday amid a generally weaker American currency and mixed commodity prices.
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The loonie added 0.16 of a cent to 86.15 cents US. inventory levels from the Department of Energy. Crude prices are down 50 per cent since their 2014 high of $107.26 in June amid rising supplies and lower demand as a result of weaker economies in Europe and China.
Elsewhere on the commodity markets, February gold gained $18.50 to US$1,200.40 an ounce while March copper edged up three cents to US$2.85 a pound.
Traders also digested mixed data covering American house prices and consumer confidence.
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Market attention was also focused on Greek politics a day after parliament failed to approve a new president, forcing the government to call early elections that could bring more economic turmoil. Investors worry elections might be won by the left wing opposition Syriza party, which rejects Greece bailout deal.
The credit rating agency Fitch has warned that prolonged political uncertainty in Greece could hurt the country sovereign rating. The agency said Tuesday that it was unclear whether any single party would be able to form a government alone, a stalemate that would the risks to Greece creditworthiness. also cited risks of further delays to bailout negotiations and a potential drop in bank deposits.