Canadian forex midday: C$ holding steady

By Commodity News Service Canada

Winnipeg, May 21 – The Canadian dollar was holding steady against the US dollar at midsession Thursday, as traders were awaiting fresh market moving news.

There was no significant Canadian economic data released on Thursday, though retail sales and consumer price index figures are set to be released on Friday.

At 11:40 CDT Thursday, the Canadian dollar was trading at US$0.8199 or US$1=C$1.2196, unchanged from Wednesday’s North American close.

Some support for the Canadian dollar came from strength in crude oil values, and Wednesday’s news that the US Federal Reserve won’t raise interest rates in June.

Though, expectations that the US Fed will raise rates later in the year weighed on the loonie, as did weakness in other commodities, including gold.

The Toronto Stock Exchange was up 135.41 points, or 0.90%, at 11:40 CDT Thursday, to sit at 15,207.93.