By Commodity News Service Canada
Winnipeg, May 19, 2015 (CNS Canada) – The Canadian dollar was weaker against the US dollar at midsession Tuesday, taking direction from the losses seen in crude oil, analysts said.
At 11:48 CDT Tuesday, the Canadian dollar was trading at US$0.8183 or US$1=C$1.2220, which compares with Friday’s North American close of US$0.8318 or US$1=C$1.2022. Canadian markets were closed for Victoria Day on Monday.
Broad strength in the US dollar against ‘riskier’ commodity-based currencies, including the loonie, added to the bearish tone.
Though, some positive remarks from Bank of Canada governor Stephen Poloz limited the downside. During a speech in Prince Edward Island, Poloz said “the Canadian economy is headed in the right direction and positive momentum continues to build.”
There was no significant Canadian economic data released Tuesday, though wholesale trade data will be released on Wednesday.
The Toronto Stock Exchange was down 0.84 points, or 0.01%, at 11:48 CDT Tuesday, to sit at 15,107.28.
