Canadian Forex Midday: C$ Higher

By Commodity News Service Canada

Winnipeg, May 4 – The Canadian dollar was higher against its US counterpart at midday Monday, as higher oil prices and weak Chinese economic data led the way forward.

The loonie was at US$0.8258 or US$1 = C$1.2109 at 11:45 CDT Monday morning.

Oil drifted towards $66 a barrel after reaching its highest point in 2015. The number of active rigs in the US has dropped for a record 21 weeks in a row, according to a report.

A new survey showed activity at Chinese factories slowed in April at the fastest pace in a year.

Housing sales in Calgary fell by 33 percent during the first three months of 2015, according to a report.

On the commodity markets the June crude contract in New York fell US$0.42 to US$58.73 a barrel. The May gold contract rose US$15.80 to US$1,190.30 an ounce.

At 11:45 CDT Monday morning, the Toronto Stock Exchange was up 23.23 points to 15,363.02.