Canadian Forex Midday: C$ Weaker

By Commodity News Service Canada

Winnipeg, MB, July 30, 2013 (CNS Canada) – The Canadian dollar was
weaker against its US counterpart at midday Tuesday, undermined by
Canadian economic concerns after a major change was made to marketing
fertilizer earlier this morning, market watchers said.
Canadian fertilizer producer Potash Corp. is expecting to see
potash prices weaken after a competing Russian company broke up a
European marketing group that controls close to 50% of global exports,
analysts said.
There are concerns that this will hurt Canada’s economy, as potash
represents 1.5% of Canadian goods exports.
Losses in commodities, including gold, crude oil and copper, added
to the loonie’s bearish tone.
At 11:47 CDT Tuesday, the Canadian dollar was trading at US$0.9712
or US$1.0296, which compares with Monday’s North American close of
US$0.9747, or US$=$1.0260.
Traders are looking ahead to a busy Wednesday that will include
the US Federal Reserve’s stimulus update, the release of Canada’s GDP
data for May and the second-quarter GDP data for the US.
At 11:47 CDT Tuesday, the Toronto Stock Exchange was down 81.49
points to sit at 12,587.55.