By Commodity News Service Canada.
Winnipeg, July 13 – The Canadian dollar was weaker against its US counterpart at midday Monday, as confusion over the implications of the deal between Greece and its creditors prompted investors to seek the safety of the US dollar.
The Canadian dollar was at US$0.7847 or US$1 = C$1.2743 at 11:50 CDT Monday morning. There seems to be nervousness among investors whether Greece will actually move forward with punishing austerity measures in exchange for a US$96 billion loan.
Traders are also anxiously waiting for Wednesday’s Bank of Canada policy rate meeting. There are rumours the bank may cut its primary policy rate by an additional 25 basis points.
New numbers from China show exports rose 2.8 percent in June while imports declined 6.1 percent. Analysts say this is a good sign that the Asian giant’s economy is improving.
On the commodity markets the August crude contract in New York rose US$0.13 to US$52.87 a barrel. The August gold contract fell US$1.90 to US$1,156.00 an ounce.
At 11:50 CDT Monday morning, the Toronto Stock Exchange was up 142.17 points to 14,553.24.
