By Commodity News Service Canada
Winnipeg, December 15 – The Canadian dollar was slightly higher against its American counterpart midday Tuesday, as traders looked for bargains in the wake of four straight losing sessions that left the loonie technically oversold.
The loonie was at US$0.8598 or US$1 = C$1.1631 at 11:45 CST Tuesday morning.
While the modest climb by the loonie was surprising, it likely won’t last given the continued plunge by oil, analysts say.
Russia’s central bank has hiked the key interest rate to 17 percent in an effort to protect the rouble.
On the commodity markets, the February gold contract dipped US$11.00 to $1,196.70 an ounce. The January crude oil contract rose US$0.10 to US$56.01 a barrel.
At 11:45 CST Tuesday morning, the Toronto Stock Exchange was up 310.92 points to 14,016.06.
