Canadian Forex Midday: C$ Softer

By Commodity News Service Canada

Winnipeg, April 24 – The Canadian dollar was softer compared to its US counterpart at midday Wednesday, shedding gains seen earlier in the trading session.

At 11:55 CDT Wednesday, the Canadian dollar was trading at US$0.9733, or US$1=C$1.0274, which compares with Tuesday’s North American close of US$0.9745, or US$=C$1.0262.

Early support came from optimism that the European Central Bank would cut interest rates to help stimulate economic growth in the euro zone.

The Canadian dollar was also underpinned by spill over support from the advances seen in commodity prices, including crude oil and gold.

But, the Canadian currency moved lower at midday, with speculative selling and signs that the US economy’s growth is slowing behind much of the weakness.

There was no significant Canadian economic data released on Wednesday.

The Toronto Stock Exchange was up 136.89 points, or 1.13%, at 11:55 CDT Wednesday, to sit at 12,227.83.