Canadian Forex Midday: C$ Lower With Tim Hortons’ Rumours

By Commodity News Service Canada

Winnipeg, MB, August 25, 2014 (CNS Canada) – The Canadian dollar was slightly lower against its US counterpart at midday Monday, as traders considered a possible sale of Tim Hortons’ to Burger King.

The deal would involve the creation of a new, publicly traded company that would be based in Canada. Burger King, which is based in the US, would reportedly lighten its tax bill with the move.

Meantime, Statistics Canada is getting ready to announce this week that the GDP grew by 0.2 percent in June, according to trade sources. That translates into annualized growth of 2.6 percent.

The European Central Bank has indicated it is prepared to buy assets in Europe so it can return money to Europe’s sagging economy.

The September copper contract rose one cent to US$3.22 a pound. The October crude oil contract fell 10 cents to US$93.55 a barrel.

At 11:45 CDT Monday, the Canadian dollar was trading at US$0.9109 or US$1.0978, which compares with Friday’s North American close of US$0.9137, or US$=$1.0945.

At 11:45 CDT Monday, the Toronto Stock Exchange was up 60.50 points to sit at 15,596.05.