Canadian Forex Midday: C$ Corrects Lower

By Commodity News Service Canada.

Winnipeg, August 13 – The Canadian dollar was lower against its US counterpart at midday Thursday, correcting slightly after the past session’s tumultuous showing that was sparked by a devaluing of the Chinese currency.

The Canadian dollar was at US$0.7646 or US$1 = C$1.3078 at 11:55 CDT Thursday morning. Crude oil prices dropped a dollar which contributed to the loonie’s downturn.

American consumers in the US bought more cars, restaurant meals and building supplies in June.

The Ontario Energy Board is raising concerns about the proposed Energy East Pipeline.

On the commodity markets the September crude contract in New York fell US$1.07 to US$42.94 a barrel. The September gold contract rose US$13.80 to US$1,121.60 an ounce.

At 11:55 CDT Thursday morning, the Toronto Stock Exchange was down 61.73 points to 14,277.80.