Canadian Forex Midday: C$ moves higher

By Commodity News Service Canada

Winnipeg, October 31 – The Canadian dollar moved higher against
its US counterpart at midday Thursday, underpinned by strong Canadian
economic data, market watchers said.
Statistics Canada reported that the gross domestic product was up
0.3% in August, surpassing economists’ expectations of 0.1% increase.
Further strength came from a second Statistics Canada report that
said the average weekly earnings of non-farm payroll employees was
C$918 in August, up 0.4% from the previous month.
However, favourable US jobless claims data limited the loonie’s
gains, brokers said. The US Department of Labour reported that claims
during the week ended Oct. 26 were down 10,000 to a seasonally adjusted
340,000.
Losses seen in commodities, including gold, copper and crude oil,
were also bearish.
At 11:34 CDT Thursday, the Canadian dollar was trading at
US$0.9580 or US$1.0438, which compares with Wednesday’s North American
close of US$0.9538, or US$=$1.0484.
At 11:34 CDT Thursday, the Toronto Stock Exchange was up 0.42
points to sit at 13,455.75.