Canadian Forex Midday: C$ weakens

By Commodity News Service Canada

Winnipeg, November 1 – The Canadian dollar was weaker against its
US counterpart at midday Friday, reversing gains seen in the previous
session due to stronger-than-expected US manufacturing data, industry
watchers said.
The Institute for Supply Management reported that the
manufacturing purchasing managers’ index (PMI) moved to 56.4 points in
October, up from 56.2 points in September, making it the highest
reading since April 2011. Economists had originally expected the PMI to
drop to 55.0 points during the month.
Losses seen in commodities, including gold and crude oil, added to
the loonie’s bearish tone.
However, strong Chinese manufacturing data did help to limit
losses, participants said. According to the China Federation of
Logistics and Purchasing, the PMI was up from 51.1 points in September
to 51.4 points in October.
At 11:40 CDT Friday, the Canadian dollar was trading at US$0.9578
or US$1.0440, which compares with Thursday’s North American close of
US$0.9590, or US$=$1.0427.
At 11:40 CDT Friday, the Toronto Stock Exchange was up 3.24 points
to sit at 13,364.50.