Canadian Forex Midday: C$ weakens following BoC announcement

By Commodity News Service Canada

WINNIPEG, May 27 – The Canadian dollar was weaker at midday Wednesday, hitting its weakest levels in a month as the currency market reacted to the latest interest rate announcement from the Bank of Canada.
At 11:45 CDT, the Canadian dollar was trading at US$0.8011 or US$1=C$1.2483 which compares with Tuesday’s close of US$0.8047 or US$=C$1.2427.
The Bank of Canada left its key overnight rate unchanged at 0.75%, as had been expected. In the accompanying statement, the central bank said the country’s economic performance was consistent with forecasts but noted that continued strength in the Canadian dollar could weigh on the economy in future data.
A weaker tone in crude oil also weighed on the energy-linked Canadian currency.
At midday Thursday the Toronto Stock Exchange was stronger, up 61.17 points at 11:45 CDT, to sit at 15,111.98.