By Commodity News Service Canada
Winnipeg, September 22 – The Canadian dollar was weaker against its US counterpart at midday Monday, as words from the US Federal Reserve last week reassured investors the central bank is not looking to hike interest rates anytime soon, lending strength to the US dollar.
The announcement reinforces the US economy’s recent momentum, said an investor.
The Bank of Canada is scheduled to give its own speech on monetary issues later today. Senior deputy governor Carolyn Wilkins is expected to talk about the future of the loonie as Canada enters the “new economic reality”.
The December copper contract fell six cents to US$3.03 a pound. The November crude oil contract fell 85 cents to hit US$92.47 a barrel. December gold fell US$0.30 to $1,216.30 an ounce.
At 11:55 CDT Monday, the Canadian dollar was trading at US$0.9081 or US$1.1012, which compares with Friday’s North American close of US$0.9135, or US$=$1.0947.
At 11:55 CDT Monday, the Toronto Stock Exchange was down 141.96 points to sit at 15,123.39.
