By Commodity News Service Canada
Winnipeg, February 17 – The Canadian dollar was higher against its American counterpart at midday Tuesday, as firm oil prices offset investors’ concerns over the political situation in Greece.
The loonie was at US$0.8067 or US$1 = C$1.2396 at 11:50 CST Tuesday morning.
The price for a barrel of Brent crude oil jumped to US$62, close to breaking a yearly high. The threat by ISIS in the Middle East is raising concern among many analysts who predict it could discourage investment in the region. As well, poor weather hampered Iraqi export activity in the northern portion of the country.
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New data says housing sales in Alberta and Saskatchewan are on the decline. In Calgary sales fell by 24 percent while in Saskatoon they slumped by 18 percent.
Greece is threatening to leave the Eurozone if it doesn’t reach a loan settlement with its creditors, many of whom say debt repayment mush begin before more money is given to the country.
On the commodity markets the March copper contract fell four cents to US$2.56 a pound. The March crude contract in New York was down US$1.15 at US$51.63 a barrel. The April gold contract plunged US$21.80 to US$1,204.70 an ounce.
At 11:50 CST Tuesday morning, the Toronto Stock Exchange was up 46.80 points to 15,311.61.
