By Commodity News Service Canada
Winnipeg, June 12 – The Canadian dollar was nearly unchanged compared to its US counterpart at midday Wednesday, amid support from strong commodity prices and spill over pressure from the weakness seen in North American equity markets, analysts said.
At 11:58 CDT Wednesday, the Canadian dollar was trading at US$0.9816, or US$1=C$1.0187, which compares with Tuesday’s North American close of US$0.9815, or US$=C$1.0189.
Positive economic data from Europe provided further support for the Canadian dollar. However, expectations that the US Federal Reserve will soon back off of its stimulus program were bearish.
There was no significant Canadian economic data to report on Wednesday. Statistics Canada will release industrial and housing data on Thursday, while manufacturing figures will be released on Friday, June 14.
The Toronto Stock Exchange was down 98.32 points, or 0.80%, at 11:58 CDT Wednesday, to sit at 12,125.25.
