Canadian Forex Midday: C$ Advances

By Commodity News Service Canada.

Winnipeg, August 27 – The Canadian dollar was higher against its US counterpart at midday Thursday, fueled by sharp advances in the crude oil sector.

The Canadian dollar was at US$0.7578 or US$1 = C$1.3196 at 12:05 CDT Thursday.

New numbers show the average weekly earnings of Canadian non-farm payroll employees rose 1.9% in June, compared to the same time-period a year ago.

Oil shot up more than nine percent Thursday as equity markets began to recoup some of the losses suffered earlier this week.

On the commodity markets the September crude contract in New York advanced US$3.23 to US$41.83 a barrel. The September gold contract dropped US$1.60 to US$1,123.00 an ounce.

At midday, the Toronto Stock Exchange was up 413.70 points to 13,795.29.