Canadian Forex Midday: C$ weakens

By Commodity News Service Canada

Winnipeg, October 8 – The Canadian dollar was weaker against its
US counterpart at midday Tuesday, undermined by poor Canadian economic
data, industry watchers said.
Statistics Canada reported that Canada’s trade deficit with the
world widened in August to C$1.31 billion, up from C$1.19 billion in
July. Economists were expecting the deficit to narrow to C$700 million
during the month.
Losses seen in commodities, including gold and copper, added to
the bearish tone.
Despite the losses, the loonie stayed in a narrow trading range
due to the ongoing partial shutdown of the US government, which is now
in its second full week, analysts said.
Positive Canadian housing data also limited losses, as starts were
up 5.3% in September to an annual rate of 193,637 units, according to
Canada Mortgage and Housing Corporation. Economists had forecast the
annual rate to only move up to 185,000 units.
At 11:32 CDT Tuesday, the Canadian dollar was trading at US$0.9674
or US$1.0336, which compares with Monday’s North American close of
US$0.9696, or US$=$1.0313.
At 11:32 CDT Tuesday, the Toronto Stock Exchange was down 72.27
points to sit at 12,715.98.