Canadian Forex Midday: C$ Dips With Oil

By Commodity News Service Canada

Winnipeg, May 14 – The Canadian dollar was weaker against its US counterpart at midday Thursday, due to a slump in crude-oil prices.

The loonie was at US$0.8333 or US$1 = C$1.2000 at 11:55 CDT Thursday morning. The Teranet-National Bank Composite House Price Index indicates Canadian home prices rose in April from the month before. The index pegged the growth at 0.2 percent last month over March.

Bombardier has announced plans to trim its workforce. The trains and planes manufacturer says it will cut about 1,750 workers in Montreal, Toronto and Ireland.

On the commodity markets the June crude contract in New York fell US$0.90 to US$59.60 a barrel. The June gold contract jumped US$5.70 to US$1,223.90 an ounce.

At 11:55 CDT Thursday morning, the Toronto Stock Exchange was up 35.01 points to 15,015.73.