By Commodity News Service Canada
Winnipeg, Nov 3 – The Canadian dollar was sharply lower relative to the US dollar on Monday, undermined by weakening oil prices, analysts said.
At 11:46 CST Monday, the Canadian dollar was trading at US$0.8807, or US$1=C$1.1355, which compares with Friday’s North American close of US$0.8872 or US$1=C$1.1271.
Disappointing economic data out of China was also bearish. The China Federation of Logistics and Purchasing’s purchasing managers’ index was at 50.8 in October, down 0.3 from September.
Manufacturing data out of the eurozone was also disappointing, though the October eurozone index was up slightly from the month prior.
Positive Canadian manufacturing data helped to temper the losses. Royal Bank’s manufacturing index was at 55.3 in October, which compares with 53.5 in September.
The Toronto Stock Exchange was down 20.34 points, or 0.14%, at 11:46 CST Monday, to sit at 14,592.98.
