Canadian forex midday: C$ correcting higher

By Commodity News Service Canada

Winnipeg, July 21 – The Canadian dollar was firmer against the US dollar at midday Tuesday, seeing an upward correction following recent sharp declines, analysts said.

At 11:39 CDT Tuesday, the Canadian dollar was trading at US$0.7720 or US$1=C$1.2953, which compares with Monday’s North American close of US$0.7694 or US$1=C$1.2997.

Some spillover support also came from the advances seen in the crude oil market, as the commodity is one of Canada’s biggest exports.

However, weakness in gold and ongoing worries about economic problems in Canada after the Bank of Canada’s interest rate cut last week limited the upside.

There was no significant Canadian economic data released on Tuesday. Traders were looking ahead to Thursday’s domestic retail sales report.

The Toronto Stock Exchange was down 14.28 points, or 0.10%, at 11:39 CDT Tuesday, to sit at 14,411.27.