Canadian Forex Midday: C$ Lower

By Commodity News Service Canada

Winnipeg, January 16 – The Canadian dollar was lower compared to its US counterpart at midday Wednesday, as negative global economic news weighed on its value, analysts said.

The World Bank estimated in a report that the global economy will expand by 2.4% in 2013, which is lower than their June estimate of a 3% expansion.

At 11:45 CST Wednesday, the Canadian dollar was trading at US$1.0141, or US$1=C$0.9861, which compares with Tuesday’s North American close of US$1.0162, or US$=C$0.9841.

Soft metal prices, including gold and copper, also put downward pressure on the Canadian dollar on Wednesday, market watchers said.

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

The Toronto Stock Exchange was down 45.99 points, or 0.36%, at 11:45 CST Wednesday, to sit at 12,595.98.