By Commodity News Service Canada
WINNIPEG, January 18 The Canadian dollar was trading at a weaker level compared to the US dollar at 8:56 CST Friday, though analysts noted there wasn’t a specific catalyst causing the downward move.
Some participants noted that chart-based selling could be responsible for the Canadian currency’s move to the downside. Declining crude oil values also put downward pressure on the loonie.
At 8:56 CST Friday, the Canadian dollar was at US$1.0076 or US$=C$0.9925, which compares with Wednesday’s North American close of US$1.0145 or US$=C$0.9857.
Strong Canadian factory sales data failed to impact the Canadian currency. Statistics Canada reported manufacturing sales in Canada were up 1.7% in November to C$49.9 billion, the highest level since 2012.
The number of Canadians receiving regular Employment Insurance (EI) benefits declined by 4,500 to 528,000 in November, StatsCan said.
The TSX was up 31.90 points, or 0.25%, at 8:56 CST Friday morning to sit at 12,706.63.
