By Commodity News Service Canada
Winnipeg, December 2 – The Canadian dollar was weaker against its
US counterpart at midday Monday, falling to a two-year low earlier in
the session amid stronger-than-expected US economic data, industry
watchers said.
Markit Economics said their US manufacturing purchasing managers’
index increased from 51.8 in October to 54.7 in November. Trade
expectations were calling for no change from the preliminary reading of
54.3, participants said.
Losses seen in commodities, including gold and copper, added to
the loonie’s bearish tone.
At 11:40 CST Monday, the Canadian dollar was trading at US$0.9405
or US$1.0632, which compares with Friday’s North American close of
US$0.9416, or US$=$1.620.
With no major Canadian economic data scheduled to be released
until mid-week, traders are focused on Wednesday’s Bank of Canada (BoC)
policy announcement as to whether they will change their overnight rate
of one per cent.
At 11:40 CST Monday, the Toronto Stock Exchange was up 52.33
points to sit at 13,447.73.
