Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, May 14 The Canadian dollar eased against the US dollar at 8:54 CDT Tuesday, pressured by weak commodity prices, analysts said.

At 8:54 CDT Tuesday the Canadian dollar was at US$0.9841 or US$=C$1.0162, which compares with Monday’s North American close of US$0.9891 or US$=C$1.0110.

Ideas that the Canadian dollar’s recent rally was overdone also sparked some of the selling that weighed on its value, traders said.

Talk that the US economy will grow more than the Canadian economy in 2013 put additional downward pressure on the Canadian currency.

There was no significant Canadian economic data to report Tuesday morning. Traders were looking ahead to later in the week, when Canadian inflation data is set to be released.

The TSX was up 24.67 points, or 0.20%, at 8:54 CDT Tuesday morning to sit at 12,554.22.