Canadian Forex Midday: C$ weakens

By Commodity News Service Canada

Winnipeg, October 29 – The Canadian dollar was weaker against its
US counterpart at midday Tuesday, undermined by poor Canadian economic
data, market watchers said.
According to Statistics Canada, the industrial producer price
index (IPPI) declined 0.3% in September, which was lower than the 0.1%
decrease economists’ expected.
Losses seen in commodities, including gold and crude oil, added to
the loonie’s bearish tone.
However, the losses were limited by some disappointing US economic
data, analysts said. The US Department of Labour reported that the
seasonally adjusted producer price index was down 0.1% in September,
the first decrease since April.
The US Department of Commerce announced that retail sales were
down 0.1% in September, slightly off from the flat reading economists
had forecast for the month.
At 11:39 CDT Tuesday, the Canadian dollar was trading at US$0.9562
or US$1.0458, which compares with Monday’s North American close of
US$0.9574, or US$=$1.0445.
Traders were also looking ahead to Thursday’s gross domestic
product report from Statistics Canada. Economists are expecting
Canada’s GDP to be up 2% in August.
At 11:39 CDT Tuesday, the Toronto Stock Exchange was up 60.66
points to sit at 13,432.50.