By Commodity News Service Canada.
Winnipeg, July 14 – The Canadian dollar was little changed against its US counterpart at midday Tuesday, essentially treading water in the wake of meager U.S. economic data.
The Canadian dollar was at US$0.7848 or US$1 = C$1.2742 at 11:30 CDT Tuesday morning. The oil market appeared relatively indifferent to the news that a nuclear deal had been struck between Iran and the US.
Retail sales in the US declined 0.3% in June, which was below analysts’ projections of 0.2%. Import prices however fell by a seasonally-adjusted mark of 0.1%.
Traders are now looking forward to tomorrow’s Bank of Canada announcement about a possible cut to the key interest rate.
On the commodity markets the August crude contract in New York advanced US$0.82 to US$53.02 a barrel. The August gold contract fell US$0.90 to US$1,154.50 an ounce.
At 11:30 CDT Tuesday morning, the Toronto Stock Exchange was up 48.44 points to 14,581.66.
