By Commodity News Service Canada
Winnipeg, Dec 12 – The Canadian dollar continued to move lower against the US dollar on Friday, as crude oil values were weaker once again.
Economists are worried that the recent sharp drop in crude oil values will negatively affect the Canadian economy, according to analysts.
At 11:46 CST Friday, the Canadian dollar was trading at US$0.8664 or US$1=C$1.1542, which compares with Thursday’s North American close of US$0.8675 or US$1=C$1.1527.
Ongoing worries about slow economic growth in Europe and China were also bearish. Reports showed economic growth in China slowed to a five-year low of 7.3 per cent last quarter.
Weakness in other commodity prices, including gold, further undermined the Canadian currency, brokers said.
The Toronto Stock Exchange was down 141.22 points, or 1.02%, at 11:46 CST Friday, to sit at 13,763.90.
