By Commodity News Service Canada
Winnipeg, June 5 – The Canadian dollar weakened slightly against its US counterpart at midday Wednesday, undermined by concerns that the US Federal Reserve will start to ease its stimulus program.
The US Federal reserve is expected to release its latest regional economic survey Wednesday afternoon.
At 11:59 CDT Wednesday, the Canadian dollar was trading at US$0.9663, or US$1=C$1.0349, which compares with Tuesday’s North American close of US$0.9667, or US$=C$1.0344.
However, strong commodity prices helped to limit the declines, as did positive Canadian building permits data.
According to Statistics Canada, building permits were worth C$7 billion in April, an increase of 10.5% from March. The increase was the fourth consecutive one, StatsCan said.
The Toronto Stock Exchange was down 150.23 points, or 1.19%, at 11:59 CDT Wednesday, to sit at 12,443.74.
