By Commodity News Service Canada
Winnipeg, June 11 – The Canadian dollar was nearly unchanged compared to its US counterpart at midday Tuesday amid a lack of fresh news, analysts said.
At 11:57 CDT Tuesday, the Canadian dollar was trading at US$0.9812, or US$1=C$1.0192, which compares with Monday’s North American close of US$0.9814, or US$=C$1.0190.
The Canadian dollar found some continuing support from Monday’s positive Canadian housing starts data, analysts said. According to the Canada Mortgage and Housing Corp, the annualized rate of Canadian housing starts was 200,178 units in May, up from 175,922 units in April.
However, the downswing in commodity prices, including crude oil, gold and copper, put some downward pressure on the Canadian dollar, limiting its upside potential.
There was no significant Canadian economic data to report on Tuesday.
The Toronto Stock Exchange was down 66.23 points, or 0.53%, at 11:57 CDT Tuesday, to sit at 12,316.44.
