TORONTO: The Canadian dollar was little changed against its US counterpart on Tuesday, recovering from an earlier 11-day low as gains for US stocks futures and higher oil prices offset weaker-than-expected domestic manufacturing data.
Canadian factory sales were down by 0.2% in February from January on lower sales of motor vehicles, as well as wood products, Statistics Canada said. Analysts had forecast no change.
Separate data from Statistics Canada showed that foreign investors bought a net C$12.05 billion in Canadian securities in February, led by corporate bonds.
US stocks were boosted by stellar results from blue-chip companies, while US crude oil futures rose 0.4% to $63.65 a barrel as falling Venezuelan and Iranian exports and fighting in Libya raised concerns of tightening supply.
Oil is one of Canada's major exports. At 9:01 a.m. (1301 GMT), the Canadian dollar was trading nearly unchanged at 1.3370 to the greenback, or 74.79 US cents. The currency touched its weakest intraday since April 5 at 1.3403.
The 11-day low came after a Bank of Canada quarterly survey on Monday showed that Canadian business sentiment has turned slightly negative, weighed by a weak energy sector, a housing slowdown and global trade tensions.
Canada's inflation report for March and February trade data is due on Wednesday.
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