Canadian Forex Midday: C$ Strengthens

By Commodity News Service Canada

Winnipeg, July 31 – The Canadian dollar strengthened against its
US counterpart at midday Wednesday, underpinned by positive Canadian
economic data, market watchers said.
According to Statistics Canada, May’s gross domestic product grew
by 0.2%, making it the fifth straight month of growth. Although the
gain wasn’t a high as the 0.3% increase that economists had projected,
it was still good enough to give a boost to the Canadian dollar.
Gains in commodities, including copper and crude oil, added to the
loonie’s bullish tone.
At 11:44 CDT Wednesday, the Canadian dollar was trading at
US$0.9726 or US$1.0281, which compares with Tuesday’s North American
close of US$0.9707, or US$=$1.0302.
Traders are also looking ahead to this afternoon’s interest rate
announcement from the US Federal Reserve.
At 11:44 CDT Wednesday, the Toronto Stock Exchange was down 29.53
points to sit at 12,552.22.