By Commodity News Service Canada
Winnipeg, November 26 – The Canadian dollar was slightly higher on Wednesday as investors waited for the release of US economic data.
At 8:50 CST Wednesday morning, the loonie was up 0.0012 of a cent to US$0.8896 or US$1 = C$1.1241. The October reading on US durable goods orders, the Chicago Purchasing Managers Index, a study on consumer sentiment and new home sales data are all expected.
Market-watchers are also keenly interested to see what the Organization of Petroleum Exporting Countries will do regarding oil prices. The cost of a barrel of crude oil has sunk in conjunction with the rise in shale-oil gas exploration and some believe a cut in production, to support prices, could be coming. Representatives from OPEC are scheduled to meet Thursday.
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Monetary observers also noted Wednesday that the Canadian dollar is one of the few currencies to have held up firmly against the American dollar in recent days, likely due to stronger than expected Canadian inflation data, analysts said.
On the commodity markets the January crude contract in New York fell $0.06 to US$74.03 a barrel. March copper fell two cents at US$2.96 a pound while the December gold contract dipped $2.90 to US$1,194.90 an ounce.
At 8:50 CST Wednesday morning, the TSX was down 28.09 points to 15,045.56.
