By Commodity News Service Canada
Winnipeg, August 5 – The Canadian dollar was slightly weaker relative to the US dollar on Wednesday, as weakness in crude oil values was bearish, analysts said.
At 11:38 CDT Wednesday, the Canadian dollar was trading at US$0.7581 or US$1=C$1.3191, which compares with Tuesday’s North American close of US$0.7587 or US$1=C$1.3180.
Ongoing expectations that the US Federal Reserve will raise interest rates later this year were also overhanging the Canadian currency.
Though, disappointing US jobs data from the private sector limited the downside, as did positive export data from Statistics Canada.
StatsCan said Canadian exports increased 6.3 per in June, while imports declined 0.6 per cent. As a result, Canada’s trade deficit with the world narrowed to C$476 million, from C$3.4 billion in May.
The Toronto Stock Exchange was up 54.58 points, or 0.38%, at 11:38 CDT Wednesday, to sit at 14,545.73.
