By Commodity News Service Canada
Winnipeg, Nov 18 – The Canadian dollar was slightly lower relative to the US dollar on Tuesday, undermined by weakness in crude oil and metal prices, analysts said.
Though, positive European economic data was underpinning the Canadian currency. ZEW institute’s investors’ confidence index rose by 15.1 points in November, with Germany’s economy grew by 0.1 per cent in the third quarter, following a contraction in the second quarter.
At 11:51 CST Tuesday, the Canadian dollar was at US$0.8848 or US$1=C$1.1302, which compares with Monday’s North American settlement of US$0.8853 or US$1=C$1.1296.
Traders were being cautious ahead of the US Senate’s vote on the TransCanada Keystone XL Pipeline Tuesday night, as the outcome has the potential to impact the Canadian dollar, brokers said.
The Toronto Stock Exchange was up 90.09 points, or 0.61%, at 11:51 CST Tuesday, to sit at 14,972.59.
