By Commodity News Service Canada
Winnipeg, November 25 – The Canadian dollar was weaker against its
US counterpart at midday Monday, undermined by a weekend agreement
between Iran and other world powers regarding their nuclear program,
market watchers said.
According to analysts, the deal raises the possibility that
Iran’s oil sanctions could be eased in the near-term, which means the
world market would see increased supplies.
Losses seen in commodities, including gold and crude oil, added to
the bearish tone.
At 11:31 CST Monday, the Canadian dollar was trading at US$0.9471
or US$1.0558, which compares with Friday’s North American close of
US$0.9502, or US$=$1.0524.
With no major Canadian economic data scheduled to be released
until mid-week, traders are focused on Friday’s release of Canada’s
third-quarter gross domestic product. According to economists, the GDP
is expected to rise by 2.4%
At 11:31 CST Monday, the Toronto Stock Exchange was down 15.76
points to sit at 13,462.58.
