By Commodity News Service Canada
Winnipeg, June 17 – The Canadian dollar was slightly lower against its US counterpart at midday Tuesday, as it looked to market trends for guidance in the absence of any major internal data.
Investors are likely to stay cautious as the US Federal Reserve begins a two-day meeting.
The meeting comes as the International Monetary Fund is revising its growth forecast for the US. It believes growth will be at a moderate rate of two percent, down slightly from the 2.7 percent rate it had forecast earlier.
The August gold contract lost $12.70 cents to US$1,262.60 an ounce, which was bearish. The July copper contract stayed at US$3.05 a pound. The July crude oil contract fell 51 cents to US$106.39 a barrel.
At 11:40 CDT Tuesday, the Canadian dollar was trading at US$0.9214 or US$1.0853, which compares with Monday’s North American close of US$0.9224, or US$=$1.0841.
At 11:40 CDT Tuesday, the Toronto Stock Exchange was up 30.13 points to sit at 15,070.56.
