By Commodity News Service Canada
Winnipeg, January 28 – The Canadian dollar continued to move further below parity with its US counterpart at midday Monday, as concerns about slow economic growth in Canada put downward pressure on its value, analysts said.
Last week, the Bank of Canada made a dovish announcement, as it lowered economic growth forecasts and made it clear that interest rate hikes are further away than originally anticipated.
At 11:47 CST Monday, the Canadian dollar was trading at US$0.9932, or US$1=C$1.0068, which compares with Friday’s North American close of US$0.9935, or US$=C$1.0065.
There was no significant Canadian economic data to report on Monday.
Traders were looking ahead to Wednesday’s US Federal Reserve meeting regarding interest rates and Thursday’s Canadian economic growth report from Statistics Canada.
The Toronto Stock Exchange was up 31.80 points, or 0.25%, at 11:47 CST Monday, to sit at 12,848.43.
