By Commodity News Service Canada
Winnipeg, December 30 – The Canadian dollar was higher Tuesday morning after the American dollar weakened slightly.
At 8:45 CST Tuesday morning, the loonie was up 0.0018 of a cent to US$0.8606 or US$1 = C$1.1619. Political turmoil in Greece is weighing on international markets as an election is scheduled to take place on January 25. The party that is currently leading in the polls has said it does not favour the current austerity measures that are in place to try and get Greece out of debt.
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Traders are also waiting for the latest information on American home prices and consumer confidence. Higher stock prices, falling gasoline prices and quicker job creation are all factors that will be take into account. Those reports are due out today.
Some Canadian economists are forecasting the Canadian dollar will drop down to 80 cents US in 2015, before surging back up to 85 cents US in 2016. The plummeting price of oil is expected to pressure the loonie in the weeks and months to come.
On the commodity markets the February crude contract in New York fell $0.32 to US$53.29 a barrel. March copper inched up one cent to US$2.83 a pound while the February gold contract jumped 3.80 to US$1,185.70 an ounce.
At 8:45 CST Tuesday morning, the TSX was up 56.61 points to 14,663.92.
