Canadian forex midday: C$ softens with crude oil

By Commodity News Service Canada

Winnipeg, May 1 – The Canadian dollar was softer against the US dollar at midday Friday, undermined by weakness in commodities, such as crude oil and gold, analysts said.

At 11:46 CDT Friday, the Canadian dollar was trading at US$0.8212 or US$1=C$1.2177, which compares with Thursday’s North American close of US$0.8289 or US$1=C$1.2064.

A broadly stronger US dollar was also bearish for the Canadian dollar, as were continued signs of economic recovery in the US.

Though, Thursday’s better than expected Canadian gross domestic product data was providing some support for the loonie, brokers added.

The Toronto Stock Exchange was up 81.75 points, or 0.54%, at 11:46 CDT Friday, to sit at 15,306.27.