By Commodity News Service Canada.
Winnipeg, July 7 – The Canadian dollar was lower
against its US counterpart at midday Tuesday, as the situation in Greece combined with a widening Canadian trade deficit to pull down the loonie.
The Canadian dollar was at US$0.7844 or US$1 = C$1.2748 at 11:40 CDT Tuesday morning. The Canadian merchandise trade deficit widened to its second-largest target in May. It hit C$3.99 billion compared to C$2.99 billion in April.
China has set up a market-stabilization fund to help revive its ailing economy, according to a report.
On the commodity markets the August crude contract in New York decreased US$0.17 to US$52.36 a barrel. The August gold contract fell US$18.10 to US$1,155.10 an ounce.
At 11:40 CDT Tuesday morning, the Toronto Stock Exchange was down 128.67 points to 14,464.90.
