Canadian Forex Midday: C$ slightly strengthens

By Commodity News Service Canada

Winnipeg, October 30 – The Canadian dollar was slightly stronger
against its US counterpart at midday Wednesday, as traders await this
afternoon’s policy statement from the US Federal Reserve, industry
watchers said.
According to analysts, it’s expected that the Fed will delay
slowing its monetary stimulus this month, due to economic uncertainty
caused by the 16-day partial shutdown of the US government earlier in
the month.
Further strength came from weaker-than-expected US economic data,
brokers said. ADP reported that private sector jobs were up by 130,000
in October, lower than the 150,000 job increase economists’ expected.
Gains seen in commodities, including copper and gold, were also
supportive of the loonie.
At 11:37 CDT Wednesday, the Canadian dollar was trading at
US$0.9557 or US$1.0463, which compares with Tuesday’s North American
close of US$0.9551, or US$=$1.0470.
With no major Canadian economic data scheduled to be released
today, investors are looking ahead to Thursday’s gross domestic product
report for August. Economists are expecting to see a 0.2% gain in
Canada’s GDP.
At 11:37 CDT Wednesday, the Toronto Stock Exchange was down 6.05
points to sit at 13,434.56.