By Commodity News Service Canada
WINNIPEG, May 28 The Canadian dollar was weaker relative to the US dollar Thursday morning, falling below the psychological 80 cents US level.
Weakness in crude oil values spilled over to weigh on the Canadian dollar, according to analysts.
At 8:51 CDT Thursday, the Canadian dollar was at US$0.7985 or US$=C$1.2523, which compares with Wednesday’s North American close of US$0.8026 or US$1=C$1.2459.
General strength in the US dollar index and a move away from riskier assets, including the Canadian dollar, added to the bearish tone.
Disappointing Canadian economic data also weighed on the currency. Statistics Canada said Canada’s current account deficit expanded by C$4.4 billion to C$17.5 billion in the first quarter of 2015, marking the second largest recorded deficit.
The TSX was up 14.10 points, or 0.09%, at 8:51 CDT Thursday morning to sit at 15,124.57.
