Canadian Forex Midday: C$ Lower

By Commodity News Service Canada.

Winnipeg, July 30 – The Canadian dollar was lower against its US counterpart at midday Thursday, as the US dollar increased in strength after the US Federal Reserve painted a confident outlook for the US economy.

The Canadian dollar was at US$0.7690 or US$1 = C$1.3004 at 11:50 CDT Thursday morning. US GDP increased at an annual rate of 2.3 percent during the second quarter, which was in line with some analysts’ expectations.

New numbers show that Canada’s non-farm payroll jobs increased by 16,500 in May.

The loonie could run into some technical resistance but it remained a sell on rallies, according to a trader.

On the commodity markets the September crude contract in New York climbed US$0.25 to US$49.04 a barrel. The August gold contract fell US$3.80 to US$1,089.10 an ounce.

At 11:50 CDT Thursday morning, the Toronto Stock Exchange was up 62.21 points to 14,364.01.