By Commodity News Service Canada
Winnipeg – March 18/13 – CNS – The Canadian dollar was
trading at a weaker level versus the US currency in late North
American activity on Monday. Much of the downswing in the value
of the Canadian dollar was linked to fears that Europe’s debt
crisis would be re-ignited, market watchers said.
Most global currencies moved lower against the US dollar as
investors gave a cool reception to news Cyprus is proposing
taxing all of its bank depositors to help fund its bailout.
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The Cyprus government has now moved to formally vote on its
decision to levy the country’s depositors on Thursday in an
effort to shore up support for the tax as policymakers continue
to debate the proposal.
The Canadian currency late in the afternoon was quoted at
C$1.0211 (97.93 US cents). This compares with Friday’s late North
American quote of C$1.0193 (98.11 US cents).
Declines in the North American equity sector also helped to
generate some of the downswing in the Canadian unit, brokers
said.
The losses in the Canadian currency were also tempered
slightly by news of an increase in investment in Canadian
securities from foreign investors.
Foreign investment in Canadian securities reached a net
C$13.34 billion in January, the biggest one-month purchase since
On Tuesday, Canada will release its manufacturing and
wholesale sales figures for January.
END
