By Commodity News Service Canada
WINNIPEG, February 21 The Canadian dollar was trading at a lower level versus its US counterpart at 8:42 CST Thursday, amid uncertainty about how long the US Federal Reserve will continue its current quantitative easing program, analysts said.
At 8:42 CST Thursday, the Canadian dollar was at US$0.9812 or $=C$1.0192, which compares with Wednesday’s North American close of US$0.9830 or US$=C$1.0173
Weak economic data from the euro zone also contributed to the Canadian dollar’s downward slide. The euro zone’s purchasing managers index dropped to 47.3 in February, from 48.6 in January.
Declining commodity prices, including crude oil and gold, weighed on the value of the Canadian dollar as well.
Canadian employment data released Thursday had little effect on the loonie. The number of people in Canada receiving regular Employment Insurance (EI) benefits was down 8,300 to 517,000 in December, according to Statistics Canada.
The TSX was down 96.16 points, or 0.75%, at 8:42 CST Thursday morning to sit at 12,714.05.
