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Canadian dollar lower amid mixed commodity prices, World Bank revisions

Loonies are shown in Calgary, Alta., July 19, 2012. THsE CANADIAN PRESS/Jeff McIntosh
January 16, 2013 - 5:44 AM

TORONTO - The Canadian dollar was lower Wednesday amid falling metal prices and a forecast of weaker than expected economic growth from the World Bank.

The loonie fell 0.3 of a cent to 101.32 cents US.

The World Bank on Tuesday projected that the global economy will expand by 2.4 per cent in 2013, down from a forecast of three per cent growth in June.

February crude on the New York Mercantile Exchange was up five cents at US$93.33 a barrel.

March copper lost three cents to US$3.61 a pound while February bullion declined $6.60 to US$1,677.30 an ounce.

Traders also awaited the release of the U.S. Federal Reserve's latest regional study on the economy. The so-called Beige Book comes out mid-afternoon.

Also in the background was increasing nervousness about a fight brewing in Washington over raising the U.S. debt ceiling so that the government can keep borrowing money to pay its bills. The U.S. Treasury says it will run out of money to pay all the government’s obligations sometime in February or March if Congress doesn’t raise the current $16.4 trillion limit on borrowing.

News from © The Canadian Press, 2013
The Canadian Press

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