By Commodity News Service Canada
Winnipeg, January 13 – The Canadian dollar was higher against its American counterpart at midday Tuesday, as the American greenback weakened amid mixed economic news from China.
The loonie was at US$0.8372 or US$1 = C$1.1936 at 11:45 CST Tuesday morning.
Crude oil hit its lowest point in six years Tuesday sending traders scurrying for cover. Oversupply on the global market appears to be a key reason why, according to a report. Correcting the imbalance between existing supplies and demand could take months, say traders.
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New data shows total trade in China grew 3.4% last year, well below official expectations. Chinese demand for imported oil, iron ore, food and other goods is lagging due to the slowdown in the world economy.
Investors are also waiting to see December retail sales data from the US which is due to be released on Wednesday.
On the commodity markets the February crude contract in New York was down US$0.48 at US$45.59 a barrel. March copper was down eight cents to US$2.65 a pound while the February gold contract jumped 6.20 to US$1,239.00 an ounce.
At 11:45 CST Monday morning, the Toronto Stock Exchange was down 18.80 points to 14,247.40.
