By Commodity News Service Canada
Winnipeg, January 26 – The Canadian dollar was slightly higher against its American counterpart at midday Monday, as the currency sought to find a stable footing amid new forecasts by analysts.
The loonie was at US$0.8044 or US$1 = C$1.1243 at 11:45 CST Monday morning.
A report from TD economics predicted the loonie would slump to 75 cents US in 2015 before slowly recovering to 85 cents in 2016. The report also said the average household would save $900 at the gas pump for a total savings of $12 billion across the country. The Canadian economy is expected to grow by two percent this year, which is down from the 2.3 percent growth forecast made back in December.
On the commodity markets the March crude contract in New York was up US$0.52 at US$47.83 a barrel. The February gold contract dipped US$12.20 to US$1,280.40 an ounce.
At 11:45 CST Monday morning, the Toronto Stock Exchange was up 15.21 points to 14,794.56.
