Canadian Forex Midday: C$ Declines With Oil

By Commodity News Service Canada

Winnipeg, June 1 – The Canadian dollar was lower against its US counterpart at midday Monday, as a lack of domestic data left the loonie vulnerable to a slump in crude oil prices.

The loonie was at US$0.7969 or US$1 = C$1.2549 at 11:45 CDT Monday morning. A broad strengthening in the US dollar also weighed on the loonie.

A new report says business conditions in Canada’s manufacturing sector declined in May due to a slowdown in new orders. The RBC Canadian Manufacturing Purchasing Managers’ index (PMI), a measure of manufacturing business conditions, increased to 49.8 in May.

On the commodity markets the July crude contract in New York fell US$0.67 to US$59.63 a barrel. The June gold contract increased US$3.00 to US$1,192.80 an ounce.

At 11:45 CDT Monday morning, the Toronto Stock Exchange was up 37.45 points to 15,051.54.