By Commodity News Service Canada
Winnipeg, November 19 – The Canadian dollar was lower on Wednesday morning after the US Senate rejected a proposal to fast-track approval of the Keystone XL pipeline. The proposal fell one vote short of the 60 ballots needed move it forward.
At 9:10 CST Wednesday morning, the loonie was up 0.40 of a cent to US$0.8813 or C$1.0347 as investors also waited to see how the removal of the US stimulus program would affect the economy. The US Federal Reserve recently voted to end its quantitative easing program involving bond purchases.
The loonie was also correcting from traders’ assumptions that the XL pipeline proposal would go through. It is expected the vote succeed when the Republicans take control of the senate next year.
On the commodity markets crude oil was little changed at US$75.00 a barrel. The December copper contract jumped two cents to US$3.02 a pound while December bullion faced US$1.40 to $1,195.70 an ounce.
At 9:10 CST Wednesday morning, the TSX was down 2.15 points to 14,970.82.
