Canadian Forex Midday: C$ Back Above 90 US Cents

By Commodity News Service Canada

WINNIPEG, Feb. 24 – The Canadian dollar was stronger Monday morning, trading back above the 90 US cent level as the currency saw a bit of a correction.

At 11:07 CST, the Canadian dollar was trading at US$0.9043 or US$1=C$1.1058 which compares with Friday’s close of US$0.8982 or US$=C$1.1133.

Weakness in the US dollar internationally accounted for much of the relative strength in the Canadian dollar, said analysts.

There was no significant domestic economic data released on Monday, but positioning ahead of key reports due out later in the week was a feature. Statistics Canada will release GDP data for December on Friday. The latest balance of trade data is due out on Thursday.

At midday Monday the Toronto Stock Exchange was stronger, up 54.34 points at 11:07 CST to sit at 14,260.06.