Canadian Forex Midday: C$ Down Slightly Due To American Home Sales

By Commodity News Service Canada

Winnipeg, April 22 – The Canadian dollar moved down slightly against its US counterpart at midday Tuesday, as fresh data showed American existing-home sales fell at a higher rate than analysts had expected, strengthening the US dollar.

US earnings data showed existing home sales fell 0.2% last month to an annual rate of 4.59 million, higher than the annual rate of 4.55 million.

Commodity prices were mixed and the energy sector was flat, which had a bearish influence on the Canadian dollar.

At 11:50 CDT Tuesday, the Canadian dollar was trading at US$0.9072 or US$1.1023, which compares with Monday’s North American close of US$0.9079, or US$=$1.1015.

At 11:50 CDT Tuesday, the Toronto Stock Exchange was up 37.99 points to sit at 14,531.67.