By Commodity News Service Canada
Winnipeg, June 24 – The Canadian dollar moved sharply lower against its US counterpart at midday Monday. News that the US Federal Reserve plans to ease stimulus programs soon continued to weigh on the loonie, analysts said.
At 11:55 CDT Monday, the Canadian dollar was trading at US$0.9497, or US$1=C$1.0530, which compares with Friday’s North American close of US$0.9564, or US$=C$1.0456.
Global economic concerns and spill over pressure from the losses seen in North American equity markets were also responsible for some of the Canadian dollar’s sharp move to the downside.
Weakness seen in commodities, including crude oil and gold, was also bearish for the value of the Canadian currency, brokers said.
The Toronto Stock Exchange was down 205.61 points, or 1.71%, at 11:55 CDT Monday, to sit at 11,790.05.
