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Canadian Forex Midday: C$ weakens to 11-year lows

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By Commodity News Service Canada

WINNIPEG, Sept. 29 – The Canadian dollar was weaker at midday Tuesday, hitting fresh 11-year lows relative to the US dollar in the process.
At 11:55 CDT, the Canadian dollar was trading at US$0.7438 or US$1=C$1.3444 which compares with Monday’s close of US$0.7466 or US$=C$1.3394.
The Industrial Product Price Index (IPPI) declined 0.3 per cent in August, mainly as a result of lower prices for energy and petroleum products, reported Statistics Canada. The Raw Materials Price Index (RMPI) declined 6.6 per cent in August, led by lower prices for crude energy products.
Gross domestic product data will be released on Wednesday.
Crude oil was firmer at midsession, which provided some underlying support for the energy-linked Canadian currency.
At midday Tuesday the Toronto Stock Exchange was stronger, up 36.25 points at 11:55 CDT, to sit at 13,040.83.