By Commodity News Service Canada
Winnipeg, October 15 – The Canadian dollar was little changed against its US counterpart at midday Wednesday, as many traders stayed on the sidelines due to global economic concerns.
Many investors opted for safety and stayed away from equities and commodity-based currencies, according to a report. The benchmark US Treasury stood at two percent as traders opted for safety and bought into the US currency.
Weaknesses in oil prices are starting to spill over, said an analyst. He added most investors will be hoping that the US economy is still the global outperformer when the Fed releases the latest survey on regional economic conditions. That report is due out later today.
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The December copper contract dropped eight cents to US$3.01 a pound. The November crude oil contract fell $0.71 to hit US$81.13 a barrel. December gold gained US$8.30 to $1,242.60 an ounce.
At 11:50 CDT Wednesday, the Canadian dollar was trading at US$0.8859 or US$1.1288, which compares with Tuesday’s North American close of US$0.8845, or US$=$1.1306.
At 11:50 CDT Wednesday, the Toronto Stock Exchange was down 228.74 points to sit at 13,807.94.
