By Commodity News Service Canada.
Winnipeg, August 25 – The Canadian dollar was slightly lower against its US counterpart at midday Tuesday, as the lingering effects of Monday’s stock market crash in China weighed down the loonie.
The Canadian dollar was at US$0.7509 or US$1 = C$1.3317 at 11:50 CDT Tuesday morning. Monday’s tumultuous market crash reinforced previous ideas that China will accept significantly fewer commodities than normal. This notion has worried Canadian investors who are trying to get a handle on which exports and raw materials will be affected and for how long.
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Crude oil has started to climb back from yesterday’s massive hit which saw it drop below the US$40 a barrel threshold. Oil prices had risen by more than three percent at midday.
There is also speculation about when the US may hike the interest rate in reaction to this week’s market activity.
On the commodity markets the September crude contract in New York rose US$1.26 to US$39.50 a barrel. The September gold contract fell US$17.00 to US$1,135.50 an ounce.
At 11:50 CDT Tuesday morning, the Toronto Stock Exchange was up 318.66 points to 13,371.40.
