By Commodity News Service Canada
WINNIPEG, March 3 – The Canadian dollar was slightly weaker at midday Monday, as the mounting tensions in Ukraine had investors backing away from riskier assets.
At 11:37 CST, the Canadian dollar was trading at US$0.9021 or US$1=C$1.1085 which compares with Friday’s close of US$0.9030 or US$=C$1.1075.
Better-than-expected domestic economic data helped temper the declines in the Canadian dollar. The Industrial Product Price Index (IPPI) rose 1.4% in January due to higher petroleum and energy product prices, reported Statistics Canada. Traders had expected the IPPI to rise by a more modest 0.5%.
Gains in crude oil were also supportive for the energy-linked currency.
Traders were also looking ahead to Wednesday when the Bank of Canada will make its latest interest rate announcement. Employment data for Canada and the US will also be released on Friday.
At midday Monday the Toronto Stock Exchange was weaker, down 34.68 points at 11:37 CST to sit at 14,174.91.
