Canadian Forex Midday: C$ Eases Slightly

By Commodity News Service Canada

Winnipeg, December 13 – The Canadian dollar was trading at a slightly softer level at midday Thursday, as soft commodity prices put downward pressure on its value, analysts said.

Crude oil and copper prices were lower at midday Thursday, and gold values were experiencing sharp declines.

At 11:57 CST Thursday, the Canadian dollar was trading at US$1.0152 US$1=C$0.9850, which compares with Wednesday’s North American close of US$1.0155, or US$=C$0.9847.

Ideas that recent advances in the Canadian currency were overdone and in need of a downward correction also added to the bearish tone, market watchers noted.

However, the Canadian dollar’s downside potential was limited by Wednesday’s US Federal Reserve announcement stating they will implement more stimulus measures, brokers said.

The Toronto Stock Exchange was down 54.42 points, or 0.41%, at 11:57 CST Thursday, to sit at 13,191.03.