By Commodity News Service Canada
Winnipeg, March 5 – The Canadian dollar weakened against the US dollar at midday Thursday, with broad strength in the US dollar index weighing on the currency.
At 11:37 CST Thursday, the Canadian dollar was trading at US$0.8004 or US$1=C$1.2494, which compares with Wednesday’s North American close of US$0.8054 or US$1=C$1.2416.
Falling crude oil values and profit taking on Wednesday’s sharp advance further undermined the Canadian dollar, brokers noted.
Worries about economic problems in Europe, as the European Central Bank begins a new bond buying stimulus program next week, added to the bearish tone.
However, easing concerns about slow economic growth in Canada, after the Bank of Canada kept interest rates unchanged in its latest decision on Wednesday, limited the downside.
The Toronto Stock Exchange was up 62.10 points, or 0.41%, at 11:37 CST Thursday, to sit at 15,144.94.
