Canadian forex midday: C$ firms

By Commodity News Service Canada

Winnipeg, August 6 – The Canadian dollar was firmer relative to the US dollar on Thursday, as recent losses were thought to be overdone, analysts said.

At 11:41 CDT Thursday, the Canadian dollar was trading at US$0.7609 or US$1=C$1.3142, which compares with Wednesday’s North American close of US$0.7583 or US$1=C$1.3188.

Wednesday’s positive Canadian export data was also underpinning the Canadian currency, as was positioning ahead of Friday’s Canadian and US employment reports.

Though, weakness in crude oil helped to limit the upside, as did worries about slow economic growth in Canada.

Ongoing expectations that the US Federal Reserve will raise interest rates this year were also overhanging the loonie, brokers said.

The Toronto Stock Exchange was down 100.47 points, or 0.69%, at 11:41 CDT Thursday, to sit at 14,402.52.