Canadian Forex Midday: C$ weakens

By Commodity News Service Canada

Winnipeg, January 21 – The Canadian dollar was weaker against its
US counterpart at midday Tuesday, as traders position themselves ahead
of Wednesday’s Bank of Canada interest rate announcement, industry
watchers said.
Some of the downward pressure came from a Wall Street Journal
report that said the US Federal Reserve could further slow its monetary
stimulus as early as the end of the month, analysts said.
Losses seen in commodities, including crude oil and copper, added
to the bearish tone.
However, better-than-expected Canadian economic data limited any
further losses, brokers said. According to Statistics Canada,
manufacturing sales were up 1.0% in November, beating trade
expectations of a 0.3% increase.
At 11:16 CST Tuesday, the Canadian dollar was trading at US$0.9113
or US$1.0973, which compares with Monday’s North American close of
US$0.9132, or US$=$1.0951.
At 11:16 CST Tuesday, the Toronto Stock Exchange was down 26.79
points to sit at 13,963.50.