By Commodity News Service Canada
Winnipeg, January 6 – The Canadian dollar was lower against its American counterpart at midday Tuesday, as dropping oil prices and political uncertainty in Greece pressured the loonie.
The loonie was at US$0.8476 or US$1 = C$1.1798 at 11:50 CST Monday morning.
Investors are cautiously monitoring the lead-up to the general election in Greece later this month. Polls show a party that opposes the austerity measures the country has been under has the highest level of support.
On the commodity markets the February crude contract in New York dropped $2.18 to US$47.86 a barrel. March copper was unchanged at US$2.76 a pound while the February gold contract rose 15.80 to US$1,219.80 an ounce.
At 11:50 CST Tuesday morning, the Toronto Stock Exchange was down 199.12 points to 14,193.58.
