By Commodity News Service Canada
Winnipeg, March 10 – The Canadian dollar was lower against its American counterpart at midday Tuesday, weighed down by losses in gold and oil.
The loonie was at US$0.7904 or US$1 = C$1.2554 at 11:45 CDT Tuesday morning.
Concerns over the prospect of an early rate hike by the US Federal Reserve also pressured the loonie. Ultra-low interest rates fueled a bull run many investors benefited from over the past six years, but a return to more normal levels could batter the stock market, worried some analysts.
Low interest rates helped kick-start recent real estate levels in Toronto and Vancouver, according to analysts. In Toronto, February home sales grew by 11 percent compared to the same time last year. In Vancouver, that number was pegged at 21 percent.
On the commodity markets the April crude contract in New York settled at US$48.96 a barrel. The April gold contract fell US$7.40 to US$1,159.70 an ounce.
At 11:45 CDT Tuesday morning, the Toronto Stock Exchange was down 202.50 points to 14,651.99.
