By Commodity News Service Canada
Winnipeg, February 9 – The Canadian dollar was lower against its American counterpart Monday morning, as oil prices experienced volatility.
At 8:45 CST Monday morning, the loonie was down 0.0011 of a cent to US$0.7972 or US$1 = C$1.2543. Traders attempted to find a bottom to plunging oil prices as they wavered to start the day.
Canadian housing starts came in at 187,276 units for the month of January. That was up from 179,637 units in December.
Worries about Chinese growth also sent waves through the market. Imports were down 19.7 percent from a year ago while exports dropped 3.2 percent year-on-year, according to a report. Chinese demand for commodities is also waning as economic growth has slowed.
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Greece is causing headaches for its creditors as it continues to lay out the terms for debt relief. The current deal runs out at the end of February but the country’s new government says it’s not interested in renewing the types of deals it has struck in the past year. Some creditors worry Greece may default on payments altogether.
On the commodity markets the March crude contract in New York climbed 16 cents to US$44.69 a barrel. March copper inched up a cent to US$2.47 a pound while the April gold contract gained $10.10 to US$1,274.70 an ounce.
At 8:45 CST Monday morning, the TSX was up 5.43 points to 15,085.92.
