By Commodity News Service Canada
Winnipeg, MB, October 14, 2014 (CNS Canada) – The Canadian dollar was slightly lower against its US counterpart at midday Thursday, as many traders stayed away from commodity-based currencies and risky assets in favour of the US Dollar.
New data also emerged showing disappointing Canadian manufacturing results for the month of August. Sales fell 3.3 percent to C$52.1 billion. Half the loss was reportedly due to a decline in auto sales.
Falling prices in the metal sector and for crude oil also contributed to the bearish tone, participants said.
The December copper contract dropped four cents to US$2.97 a pound. The November crude oil contract fell $1.37 to hit US$80.41 a barrel. December gold lost US$4.70 to $1,240.10 an ounce.
At 11:50 CDT Thursday, the Canadian dollar was trading at US$0.8877 or US$1.1265, which compares with Wednesday’s North American close of US$0.8883, or US$=$1.1258.
At 11:50 CDT Thursday, the Toronto Stock Exchange was up 160.52 points to sit at 14,030.40.
