By Commodity News Service Canada
Winnipeg, June 18 – The Canadian dollar was slightly lower against its US counterpart at midday Wednesday, as traders awaited an update by the US Federal Reserve on how the US economy is doing while commodities dipped due to the conflict in Iraq.
It’s widely expected the central bank will continue its steady clawback of quantitative easing amid signs the US economy is improving.
The market will also be closely watching to see if Janet Yellen gives any hints that the US Federal Reserve plans to adjust the interest rate.
The August gold contract lost 40 cents to US$1,271.60 an ounce, which was bearish. The July copper contract dipped one cent to US$3.05 a pound. The July crude oil contract fell 39 cents to US$105.97 a
barrel.
At 11:40 CDT Wednesday, the Canadian dollar was trading at US$0.9198 or US$1.0872, which compares with Tuesday’s North American close of US$0.9205, or US$=$1.0864.
At 11:40 CDT Wednesday, the Toronto Stock Exchange was up 20.01 points to sit at 15,075.90.
