By Commodity News Service Canada
Winnipeg, August 4 – The Canadian dollar was weaker against the US dollar on Tuesday, as global economic problems continued to overhang the market, analysts said.
At 11:40 CDT Tuesday, the Canadian dollar was trading at US$0.7621 or US$1=C$1.3122, which compares with Friday’s North American close of US$0.7645 or US$1=C$1.3080. The Bank of Canada did not post a closing value for Monday, as most of the country observed a holiday.
Concerns about Canada entering a recession added to the bearish tone, as did expectations that the US Federal Reserve will raise interest rates this year.
However, a rebound in crude oil prices helped to limit the downside, as it is one of Canada’s biggest export products.
The Toronto Stock Exchange was up 15.24 points, or 0.11%, at 11:40 CDT Tuesday, to sit at 14,483.97.
