By Commodity News Service Canada
Winnipeg, January 26 – The Canadian dollar was higher against its American counterpart at midday Tuesday, as the firming oil and gold sector helped the loonie find stability amid troubling predictions.
The loonie was at US$0.8053 or US$1 = C$1.1417 at 11:55 CST Tuesday morning.
A report from TD Bank predicted the loonie could sink as low as 75 cents US while Goldman Sachs pegged the floor at 71 cents US.
Some analysts are also saying another rate cut by the Bank of Canada is likely going to happen later this year.
On the commodity markets the March crude contract in New York was up US$0.71 at US$45.86 a barrel. The February gold contract dipped US$11.00 to US$1,290.40 an ounce.
At 11:55 CST Tuesday morning, the Toronto Stock Exchange was down 29.89 points to 14,767.94.
