Saturday, 13 October 2012 03:52
TORONTO: The Canadian dollar traded little changed against the US currency on Friday, with weaker commodity prices weighing on sentiment and traders looking for indications North America is brushing off global economic stumbles.
Commodity prices and other currencies influenced by them also struggled as traders awaited clarity on whether heavily indebted Spain would request a bailout to shore up its finances. A bailout request is widely seen as positive as it would remove some uncertainty from financial markets.
The Canadian dollar received some support from news US consumer sentiment unexpectedly rose in October to its highest level in five years as optimism about the overall economy improved.
"Ultimately we need to see some signs that the NorthAmerican economy is holding up," said Jeremy Stretch, head of foreign exchange strategy at CIBC World Markets in London.
At 10:30 a.m. (1430 GMT), the Canadian currency was at C$0.9796 versus the US dollar, or $1.0208, down slightly ...