Canadian forex midday: C$ eases

By Commodity News Service Canada

Winnipeg, July 24 – The Canadian dollar eased against the US dollar at midday Friday, taking some direction from weakness in crude oil and gold, analysts said.

At 11:35 CDT Thursday, the Canadian dollar was trading at US$0.7648 or US$1=C$1.3075, which compares with Thursday’s North American close of US$0.7669 or US$1=C$1.3028.

Traders were also shedding riskier assets, such as the Canadian dollar, amid worries about slow global economic growth.

Strength in the US dollar index and expectations that the US Federal Reserve will raise interest rates later this year added to the bearish tone.

However, sentiment that recent losses are overdone, as the loonie hovers near 10 year lows, limited the downside. Thursday’s positive Canadian retail sales report was also supportive.

The Toronto Stock Exchange was down 50.98 points, or 0.36%, at 11:35 CDT Thursday, to sit at 14,214.39.