Canadian forex midday: C$ continues to weaken

By Commodity News Service Canada

Winnipeg, May 31- The Canadian dollar continued to weaken midday Friday, even after it was revealed that Canada’s economic growth was better-than-expected for the first quarter of the year, analysts said.

StatsCanada reported that the economy grew at an annualized rate of 2.5 percent. That was 0.2 percent higher than the expected reading.

However, declines in crude oil, gold and copper have weighed heavily on the Canadian dollar.

At 11:50 CDT, the Canadian dollar was trading at US$0.9661 or US$1.0350, which compares with Thursday’s North American close of US$0.9709, or US$=$1.0300.

At 11:50 CDT Friday, the Toronto Stock Exchange was down 60.03 points to sit at 12,686.52.