By Commodity News Service Canada
Winnipeg, December 18 – The Canadian dollar was trading at a softer level compared to its US counterpart at midday Tuesday, as sharp declines seen in gold weighed on its value, analysts said.
At 11:31 CST Tuesday, the Canadian dollar was trading at US$1.0148 US$1=C$0.9854, which compares with Monday’s North American close of US$1.0166, or US$=C$0.9837.
Traders were also less willing to take on riskier assets, including the Canadian dollar, as the Reserve Bank of Australia said mining investment had likely peaked.
There was no significant Canadian economic data to report on Tuesday. Traders were looking ahead to Friday when Statistics Canada is set to release gross domestic product and inflation data. Friday’s reports will mark the last two for 2012.
The Toronto Stock Exchange was up 37.80 points, or 0.31%, at 11:31 CST Tuesday, to sit at 12,319.15.
