By Commodity News Service Canada
Winnipeg, January 30 – The Canadian dollar eased slightly against its US counterpart at midday Wednesday, as soft US inflation data weighed on its value, analysts said.
US gross domestic product (GDP) fell 0.1% in the last quarter of 2012, the worst performances since the second quarter of 2009.
However, strong commodity prices, including crude oil, gold and copper, helped to slow the Canadian currency’s move to the downside.
At 11:48 CST Wednesday, the Canadian dollar was trading at US$0.9974, or US$1=C$1.0026, which compares with Tuesday’s North American close of US$0.9976, or US$=C$1.0024.
There was no significant Canadian economic data to report on Wednesday. Traders were looking ahead to Thursday’s GDP report from Statistics Canada.
The Toronto Stock Exchange was down 27.67 points, or 0.22%, at 11:48 CST Wednesday, to sit at 12,802.89.
