Canadian Forex Midday: C$ Strengthens

By Commodity News Service Canada

Winnipeg, December 10 – The Canadian dollar was trading at a stronger level versus its US counterpart at midday Monday, as the Canadian government approved two takeovers of Canadian companies.

The Canadian government approved China’s Cnooc Ltd’s acquisition of Canadian oil-sands operator Nexen Inc. and Malaysia’s Petroliam Nasional Bhd’s takeover of Canada’s Progress Energy Resources Corp.

At 12:12 CST Monday, the Canadian dollar was trading at US$1.0126 US$1=C$0.9876, which compares with Friday’s North American close of US$1.0091, or US$=C$0.9910.

Strong commodity prices, including crude oil, gold and copper, also helped to underpin the value of the Canadian dollar. There was no new significant Canadian economic data released on Monday.

The Toronto Stock Exchange was up 53.63 points, or 0.44%, at 12:12 CST Monday, to sit at 12,213.22.