By Commodity News Service Canada.
Winnipeg, July 16 – The Canadian dollar was slightly lower against its US counterpart at midday Thursday, as the Bank of Canada’s recent decision to cut the key interest rate continued to weigh down the loonie.
The Canadian dollar was at US$0.7724 or US$1 = C$1.2947 at 11:45 CDT Thursday morning. Losses in gold contributed to the decline.
Premiers are meeting in St. John’s, N.L today where the topic of energy and pipeline infrastructure is expected to be raised. In a marked turn from her predecessor, Alberta premier Rachel Notley says she won’t be advocating for TransCanada’s Keystone XL pipeline to the US or Enbridge’s Northern Gateway proposal that would tread across much of B.C.
On the commodity markets the August crude contract in New York inched up US$0.05 to US$51.46 a barrel. The August gold contract fell US$3.80 to US$1,143.60 an ounce.
At 11:45 CDT Thursday morning, the Toronto Stock Exchange was up 65.92 points to 14,728.20.
