By Commodity News Service Canada
Winnipeg, October 14 – The Canadian dollar was lower Tuesday morning, as nervous investors gravitated towards the American dollar, ignoring other currencies deemed as risks, given the global economic climate.
Worries over economic strength in several countries, including Europe, have dominated headlines in recent weeks, said traders. Last week, Germany was hit hard by big declines in exports, factory orders and production.
The International Monetary Fund also cut China’s growth target of 7.5 percent for the year. The new target is 7.4 percent.
On the commodity markets, the November crude oil contract fell $1.03 to US$84.71 a barrel. December copper jumped three cents to US$3.05 a pound. December bullion rose one cent to US$1,236.10 an ounce.
At 8:50 CDT Tuesday, the Canadian dollar was at US$0.8904 or US$=C$1.1231 which compares with Friday’s North American close of US $0.8915, or US$=C$1.1217.
The TSX was down 111.17 points Tuesday morning at 8:50 CDT, to sit at 14,116.19.
