By Commodity News Service Canada
WINNIPEG, April 4 – The Canadian dollar was sharply lower against its US counterpart on Tuesday, pressured by weaker exports reflected in domestic data.
At 8:55 CDT Tuesday, the Canadian dollar was at US$0.7433 or US$=C$1.3453, which compares with Monday’s North American close of US$0.7472 or US$1=C$1.3384.
Following three consecutive monthly surpluses, Canada’s merchandise trade balance with the world posted a C$972 million deficit in February. Exports were down 2.4 per cent, while imports edged up 0.6 per cent, Statistics Canada said in a report on Tuesday.
The lower exports may sway the Bank of Canada’s interest rate decision next week, which pressured the loonie.
The TSX was up 20.36 points at 8:55 CDT Tuesday morning to sit at 15,604.74.
