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Canadian Forex Midday: C$ Lower

| 1 min read

By Commodity News Service Canada

Winnipeg, March 4 – The Canadian dollar was trading at lower level compared to its US counterpart at midday Monday, as traders liquidated positions ahead of Wednesday’s Bank of Canada interest rate announcement.

Traders expect the Bank of Canada to keep the interest rate unchanged at 1 per cent due to weakening economic conditions in Canada.

At 11:35 CST Monday, the Canadian dollar was trading at US$0.9704, or US$1=C$1.0305, which compares with Friday’s North American close of US$0.9736, or US$=C$1.0271.

Weak gold and crude oil values also spilled over to push the Canadian dollar to lower ground, market watchers noted.

There was no significant Canadian economic data to report at midday Monday. Traders were looking ahead to Friday’s February jobs report from Statistics Canada.

The Toronto Stock Exchange was down 49.33 points, or 0.39%, at 11:35 CST Monday, to sit at 12,723.79.