Canadian Forex Midday: C$ Higher

By Commodity News Service Canada

Winnipeg, July 22 – The Canadian dollar was higher against its US
counterpart at midday Monday, underpinned by weaker US home sales data,
market watchers said.
A report released on Monday showed that existing US home sales
fell by 1.2% in June, which is significantly lower than the 1.4% rise
economists had forecast.
The Canadian dollar was still finding strength from US Federal
Bank Chairman Ben Bernanke’s comments last week saying the Fed is in no
hurry to end monetary stimulus.
At 11:30 CDT Monday, the Canadian dollar was trading at US$0.9685
or US$1.0325, which compares with Friday’s North American close of
US$0.9646, or US$=$1.0367.
Gains in commodities, including gold and copper, added to the
loonie’s bullish tone.
No major Canadian data was released today, but May retail sales
numbers are scheduled to be announced Tuesday morning. Economists are
calling for a 0.3% rise following a 0.1% rise in April.
At 11:30 CDT Monday, the Toronto Stock Exchange was up 65.50
points to sit at 12,750.63.