Canadian Forex Midday: C$ Flat

By Commodity News Service Canada

Winnipeg, Feb. 6 – The Canadian dollar was flat versus its US counterpart at midday Wednesday, as traders were wary of pushing the currency too far one way or the other ahead of key policy rate announcements, analysts said.

Both the Bank of England and the European Central Bank will make key policy rate announcements on Thursday, February 7.

At 11:51 CST Wednesday, the Canadian dollar was trading at US$1.0039, or US$1=C$0.9961, which compares with Tuesday’s North American close of US$1.0038, or US$=C$0.9962.

The Canadian dollar was also flat amid mixed commodity prices. Crude oil and gold values were higher at midday Wednesday, while copper values fell.

Weak retail sales data from Australia also had some traders backing away from riskier assets, including the loonie, market watchers noted.

There was no significant Canadian economic data to report at midday Wednesday.

The Toronto Stock Exchange was up 20.90 points, or 0.16%, at 11:51 CST Wednesday, to sit at 12,766.55.