Canadian Forex Midday: C$ Weakens

By Commodity News Service Canada

Winnipeg, May 10 – The Canadian dollar eased against its US counterpart at midday Friday, undermined by weak Canadian employment data and overbought sentiment, analysts said.

Statistics Canada reported that employment was little changed in April compared to March, and the unemployment rate remained unchanged at 7.2%.

At 11:57 CDT Friday, the Canadian dollar was trading at US$0.9883, or US$1=C$1.0118, which compares with Thursday’s North American close of US$0.9926, or US$=C$1.0075.

Weakness seen in crude oil and the sharp declines in gold prices were also responsible for some of the Canadian dollar’s downward slide, traders noted.

The Toronto Stock Exchange was down 12.66 points, or 0.10%, at 11:57 CDT Friday, to sit at 12,531.24.