By Commodity News Service Canada
Winnipeg, November 5 – The Canadian dollar was lower against its US counterpart Wednesday morning, after mid-term elections that saw Republicans gain control of the US Congress for the first time in eight years.
The loonie has also felt the impact of slumping crude oil prices which hit a three-year low on Tuesday.
Traders are anxiously waiting for employment data, due out Friday in the US and Canada. Payroll firm ADP is reporting that 230,000 jobs were created in the American private sector last month.
On the commodity markets, December bullion fell $24.40 to US$1,143.30 an ounce while copper prices dipped two cents to US$2.99 a pound. The December crude oil contract gained US$0.32 to US$77.51 a barrel.
At 8:45 CST Wednesday, the Canadian dollar was at US$0.8748 or US$=C$1.1431 which compares with Tuesday’s North American close of US $0.8764, or US$=C$1.1410.
The TSX was down 147.19 points Wednesday morning at 8:45 CST, to sit at 14,390.43.