By Commodity News Service Canada
Winnipeg, Nov 19 – The Canadian dollar was down sharply relative to the US dollar on Wednesday, reacting to news that the US Senate voted against the TransCanada Keystone XL Pipeline project Tuesday night, analysts said.
At 11:43 CST Wednesday, the Canadian dollar was at US$0.8811 or US$1=C$1.1349, which compares with Tuesday’s North American settlement of US$0.8850 or US$1=C$1.1299.
A strengthening US currency ahead of the release of minutes from the latest US Federal Reserve meeting later Wednesday was also bearish.
Weakness in gold prices also weighed on the loonie, though an uptick in crude oil values was supportive, brokers said.
The Toronto Stock Exchange was up 21.46 points, or 0.14%, at 11:43 CST Wednesday, to sit at 14,994.43.
