By Commodity News Service Canada
Winnipeg, Feb. 10 – The Canadian dollar moved sharply lower relative to the US dollar at midday Tuesday, following the weakness seen in crude oil values, analysts said.
At 11:48 CST Tuesday, the Canadian dollar was trading at US$0.7953 or US$1=C$1.2574, which compares with Monday’s North American close of US$0.8022 or US$1=C$1.2465.
More soft data out of China was also bearish, as it points to slowing economic growth in the country, which is the world’s second largest economy. Inflation in China dropped below one per cent last month, data showed.
Worries about political turmoil in Greece further undermined the loonie. Finance ministers from the eurozone will meet later this week to discuss the Greek debt crisis.
The Toronto Stock Exchange was down 31.93 points, or 0.21%, at 11:48 CST Tuesday, to sit at 15,068.77.
