By Commodity News Service Canada
Winnipeg, May 8 – The Canadian dollar was weaker against its US counterpart at midday Monday, as new data showed the US dollar was gaining against other major currencies.
The loonie was at US$0.8264 or US$1 = C$1.2101 at 11:40 CDT Monday morning. Scotiabank says the American greenback is strong right now as investors are looking for safety amid worries about the situation in Greece. The report added that investors would look to energy prices and yield spread in the absence of domestic data.
RBC Capital Markets says the US dollar is trading in a choppy, sideways fashion against its counterpart to the North.
On the commodity markets the June crude contract in New York sank US$0.42 to US$58.997 a barrel. The June gold contract fell US$7.40 to US$1,181.50 an ounce.
At 11:40 CDT Monday morning, the Toronto Stock Exchange was down 44.38 points to 15,125.64.
