By Commodity News Service Canada
Winnipeg, December 22 – The Canadian dollar was lower against its American counterpart at midday Monday, as the loonie looked for direction amid a lack of domestic data.
The loonie was at US$0.8592 or US$1 = C$1.1639 at 11:45 CST Monday morning.
Last week, crude prices stabilized around US$107 a barrel, suggesting they may have reached their floor for the time being. One analyst stated the loonie may also find a new level to sit at.
On Tuesday, data detailing Canada’s GDP is set to be released. Markets will be closed Thursday and Friday for the Christmas holiday.
On the commodity markets, the February gold contract rose US$0.50 to $1,196.50 an ounce. The January crude oil contract faded US$1.02 to US$56.11 a barrel. The March copper contract was little changed at US$2.89 per pound.
At 11:45 CST Monday morning, the Toronto Stock Exchange was down 1.79 points to 14,466.47.
