Canadian Forex Midday: C$ Eases

By Commodity News Service Canada

Winnipeg, MB, May 27, 2013 (CNS Canada) – The Canadian dollar eased against its US counterpart at midday Monday, amid quiet activity as markets in the US and the UK were closed for public holidays, analysts said.

At 11:42 CDT Monday, the Canadian dollar was trading at US$0.9679, or US$1=C$1.0332, which compares with Friday’s North American close of US$0.9689, or US$=C$1.0321.

Some of the weakness was linked to traders liquidating positions ahead of Bank of Canada governor Mark Carney’s final policy announcement on Wednesday. The trade expects the Bank of Canada to keep interest rates unchanged at 1 percent.

The Canadian dollar also moved lower in reaction to spill over pressure from the losses seen in commodities, including crude oil, brokers noted.

There was no significant Canadian economic data to report on Monday.

The Toronto Stock Exchange was up 33.41 points, or 0.26%, at 11:42 CDT Monday, to sit at 12,700.63.