By Commodity News Service Canada
Winnipeg, December 8 – The Canadian dollar was weaker against its American counterpart at midday Monday, due to the slumping energy market.
The loonie was at US$0.8716 or US$1 = C$1.1473 at 11:35 CST Monday morning.
Prices for crude oil sank in the face of weak Chinese trade information and gloomy forecasts. One analyst suggested Brent crude could fall as low as US$43 a barrel next year. The US Investment Bank also slashed its 2015 average estimate by $28 to $70 a barrel.
Chinese economic growth was pegged at 7.3 percent in the most recent quarter. The country has cut interest rates in a big to reverse the slowdown.
On the commodity markets, the February gold contract jumped US$3.40 to $1,193.80 an ounce. The January crude oil contract declined US$2.55 to US$63.29 a barrel. The March copper contract was unchanged at US$2.99 a pound.
At 11:35 CST Monday morning, the Toronto Stock Exchange was down 373.21 points to 14,100.21.
