By Commodity News Service Canada
WINNIPEG, January 16 The Canadian dollar was trading at a weaker level compared to the US dollar at 8:55 CST Wednesday, as disappointing news from the World Bank weighed on its value, analysts said.
The World Bank estimated in a report that the global economy will expand by 2.4% in 2013, which is lower than their June estimate of a 3% expansion.
At 8:55 CST Wednesday, the Canadian dollar was at US$1.0138 or US$=C$0.9864, which compares with Tuesday’s North American close of US$1.0162 or US$=C$0.9841.
Declining metal prices also contributed to some of the losses experienced by the Canadian currency. Continued concerns about US budget problems also undermined the Canadian unit, traders said.
There was no significant Canadian economic data to report on Wednesday morning.
The TSX was down 40.88 points, or 0.32%, at 8:55 CST Wednesday morning to sit at 12,601.09.
