Canadian Forex Midday: C$ Higher With Commodities

By Commodity News Service Canada

Winnipeg, June 11 – The Canadian dollar was higher against its US counterpart at midday Wednesday, as investors flocked to commodities in the absence of domestic data.

A low-volatility environment helped the loonie make gains against the American greenback and other major currencies, according to a report.

The July crude oil contract rose 29 cents to US$104.64 a barrel.

The jump comes just a day before OPEC is due to meet in Vienna.

Oil has prevented the loonie from falling below the 90 cent mark, an analyst said.

The August gold contract gained $2.20 cents to US$1,262.30 an ounce which was bullish.

At 11:45 CDT Wednesday, the Canadian dollar was trading at US$0.9201 or US$1.0868, which compares with Tuesday’s North American close of US$0.9171, or US$=$1.0904.

At 11:45 CDT Wednesday, the Toronto Stock Exchange was down 42.06 points to sit at 14,862.32.