Canadian Forex Midday: C$ Steady

By Commodity News Service Canada

Winnipeg, December 5 – The Canadian dollar steadied against its US counterpart at midday Thursday, after reaching a one-month high earlier in the trading day, analysts said.

The Canadian dollar followed along with US equity futures, which were steady due to traders waiting for fresh news on the US fiscal cliff situation.

At 11:58 CST Thursday, the Canadian dollar was trading at US$1.0082 US$1=C$0.9919, which compares with Wednesday’s North American close of US$1.0084, or US$=C$0.9917.

The continued hawkish stance by the Bank of Canada and strong gold prices helped to underpin the Canadian currency.

However, declining crude oil values limited the Canadian dollar’s upside potential.

The Toronto Stock Exchange was down 13.05 points, or 0.11%, at 11:58 CST Thursday, to sit at 12,144.24.