Canadian Forex Midday: C$ Weaker

By Commodity News Service Canada

Winnipeg, April 1 – The Canadian dollar was weaker compared its US counterpart at midday Monday, as soft manufacturing data from the US, Canada’s biggest trading partner, weighed on its value, analysts said.

At 12:00 CDT Monday, the Canadian dollar was trading at US$0.9829, or US$1=C$1.0174, which compares with Thursday’s North American close of US$0.9843, or US$=C$1.0160.

Continued concerns about economic problems in euro zone country, Cyprus, also had some traders shedding risk, including the loonie.

However, strong economic data from China, as their Purchasing Managers’ index rose to 50.9 in March, from 50.1 in February, limited the Canadian unit’s downside potential.

There was no Canadian economic data moving the Canadian currency Monday. Traders were looking ahead to Friday’s employment data from Statistics Canada.

The Toronto Stock Exchange was down 40.53 points, or 0.32%, at 12:00 CDT Monday, to sit at 12,709.37.