Canadian Forex Midday: C$ Firms

By Commodity News Service Canada

Winnipeg, April 2 – The Canadian dollar was firmer compared its US counterpart at midday Tuesday, lifted by strong Chinese manufacturing data, analysts said.

At 11:54 CDT Tuesday, the Canadian dollar was trading at US$0.9857, or US$1=C$1.0145, which compares with Monday’s North American close of US$0.9836, or US$=C$1.0167.

A positive report from the Reserve Bank of Australia that showed global economic concerns are easing also helped the Canadian dollar move to higher ground.

However, weakness seen in commodities, including crude oil and gold, spilled over to weigh on the loonie, limiting its upside potential.

There was no Canadian economic data moving the Canadian currency Tuesday. Traders were looking ahead to Friday’s employment data from Statistics Canada.

The Toronto Stock Exchange was up 5.38 points, or 0.04%, at 11:54 CDT Tuesday, to sit at 12,700.52.