Canadian Forex Midday: C$ weakens

By Commodity News Service Canada

Winnipeg, November 7 – The Canadian dollar was weaker against its
US counterpart at midday Thursday, undermined by stronger-than-expected
US economic data, industry watchers said.
According to the US Department of Commerce, the US third-quarter
gross domestic product grew at an annualized rate of 2.8%, which was
stronger than the 2% increase economists had forecast.
Further weakness came from favourable US jobless claims data,
brokers said. The US Department of Labour said claims were down 9,000
to a seasonally adjusted 336,000 during the week ended November 2.
Losses seen in commodities, including crude oil and gold, added to
the bearish tone.
At 11:33 CST Tuesday, the Canadian dollar was trading at US$0.9571
or US$1.0448, which compares with Monday’s North American close of
US$0.9599, or US$=$1.0418.
With a lack of fresh Canadian economic data on Thursday, investors
are looking ahead to Friday’s employment report for October. Economists
are expecting the report to show that 11,000 jobs were created during
the month.
At 11:33 CST Tuesday, the Toronto Stock Exchange was down 17.40
points to sit at 13,363.01.