By Commodity News Service Canada
Winnipeg, January 16 – The Canadian dollar was slightly lower against its American counterpart at midday Friday, despite a rise in oil prices and other commodities.
The loonie was at US$0.8346 or US$1 = C$1.1981 at 11:40 CST Friday morning.
There is speculation the Bank of Canada may delay a hike in the rise of interest rates due to the collapse in oil prices. Some analysts even believe a lowering of rates is possible. An announcement is scheduled next week.
Oil prices are down roughly 40 percent since the end of November.
On the commodity markets the February crude contract in New York was up US$1.06 at US$49.36 a barrel. The February gold contract surged US$13.00 to US$1,277.80 an ounce.
At 11:40 CST Friday morning, the Toronto Stock Exchange was up 195.44 points to 14,237.26.
