Canadian Forex Midday: C$ significantly weakens

By Commodity News Service Canada

Winnipeg, January 23 – The Canadian dollar was significantly
weaker against its US counterpart at midday Thursday, falling below the
90 US cent level earlier in the morning amid Wednesday’s dovish Bank of
Canada policy announcement, industry watchers said.
Further weakness came after the US dollar was finally able to
settle above resistance seen at the key technical level of C$1.1000,
traders said.
Losses seen in commodities, including gold and copper, added to
the bearish tone.
However, better-than-expected Canadian economic data limited any
further losses. According to Statistics Canada, retail sales were up
0.6% to C$41.0 billion in November, beating expectations of a 0.2%
increase.
At 11:28 CST Thursday, the Canadian dollar was trading at
US$0.8976 or US$1.1140, which compares with Wednesday’s North American
close of US$0.9019, or US$=$1.1088.
At 11:28 CST Thursday, the Toronto Stock Exchange was down 31.86
points to sit at 13,956.34.