By Commodity News Service Canada
Winnipeg, March 27 – The Canadian dollar was weaker against the US dollar at midday Friday, following the losses seen in crude oil values, analysts said.
At 11:44 CDT Friday, the Canadian dollar was trading at US$0.7954 or US$1=C$1.2572, which compares with Thursday’s North American close of US$0.8019 or US$1=C$1.2471.
Ongoing worries about the negative impact weak oil prices could have on Canada’s economy were also overhanging the loonie amid a lack of any significant market moving data this week.
Though, some support came from the negative gap seen between Canadian and US bond yields, and news that another interest rate cut is not likely for the Bank of Canada.
The Toronto Stock Exchange was down 82.57 points, or 0.56%, at 11:44 CDT Friday, to sit at 14,787.23.
