Canadian Forex Midday: C$ weakens

By Commodity News Service Canada

Winnipeg, October 24 – The Canadian dollar was weaker against its
US counterpart at midday Thursday, undermined by Wednesday’s Bank of
Canada policy statement where it was announced that inflation will
remain below 2% until the end of 2015, a full two quarters longer than
their forecast in July, industry watchers said.
Further weakness came from poor Canadian economic data, analysts
said. According to Statistics Canada, 511,900 people received regular
employment insurance benefits in August, up 1.5% from July.
Strength seen in US jobs data was also bearish, as the US
Department of Labour reported that jobless claims fell by 12,000 to a
seasonally adjusted 350,000 during the week ended October 19.
At 11:42 CDT Thursday, the Canadian dollar was trading at
US$0.9593 or US$1.0424, which compares with Wednesday’s North American
close of US$0.9630, or US$=$1.0384.
At 11:42 CDT Thursday, the Toronto Stock Exchange was up 68.26
points to sit at 13,311.58.