By Commodity News Service Canada
Winnipeg, September 9 – The Canadian dollar was lower against its US counterpart at midday Tuesday, as sluggish housing data weighed down the loonie.
The loonie was pressured by a report from Statistics Canada that showed housing starts came in at an annualized rate of 192,368 units in August. That was below market expectations and down from a reading of 199,813 units in July. Analysts say this sets the stage for a slowing housing market as the year is drawing to an end.
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The December copper contract remained unchanged at US$3.20 a pound. The October crude oil contract fell US$0.63 to US$92.66 a barrel. December gold fell US$13.00 to $1,254.30 an ounce.
At 11:55 CDT Tuesday, the Canadian dollar was trading at US$0.9080 or US$1.0013, which compares with Monday’s North American close of US$0.9113, or US$=$1.0973.
At 11:55 CDT Tuesday, the Toronto Stock Exchange was down 48.14 points to sit at 15,557.53.
