By Commodity News Service Canada
Winnipeg, Feb. 11 – The Canadian dollar was weaker relative to the US dollar Wednesday, as crude oil values moved below the $50 per barrel mark.
At 11:50 CST Wednesday, the Canadian dollar was trading at US$0.7914 or US$1=C$1.2636, which compares with Tuesday’s North American close of US$0.7953 or US$1=C$1.2574.
Ongoing worries about the negative impact weak oil prices are having on the Canadian economy further undermined the loonie, analysts said. Speculation that the Bank of Canada will consider cutting interest rates further was also bearish.
Traders were also shedding riskier assets, such as the Canadian currency, as they wait for fresh news about the economic situation in Greece. Officials were meeting Wednesday to negotiate the terms of the country’s international bailout.
The Toronto Stock Exchange was up 55.93 points, or 0.37%, at 11:50 CST Wednesday, to sit at 15,168.45.
