Canadian Forex Midday: C$ strengthens

By Commodity News Service Canada

Winnipeg, October 16 – The Canadian dollar strengthened against
its US counterpart at midday Wednesday, underpinned by expectations
that the US Senate is nearing an agreement to raise the US debt ceiling
before the midnight deadline, industry watchers said.
According to analysts, the deal would extend the US borrowing
authority until February 7.
Gains seen in commodities, including copper and crude oil, added
to the loonie’s bullish tone.
However, weaker-than-expected Canadian economic data halted
further advances, brokers said. According to Statistics Canada,
manufacturing sales were down 0.2% in August, which was below
economists’ expectations of a 0.2% increase.
At 11:32 CDT Wednesday, the Canadian dollar was trading at
US$0.9661 or US$1.0350, which compares with Tuesday’s North American
close of US$0.9634, or US$=$1.0380.
At 11:32 CDT Wednesday, the Toronto Stock Exchange was up 20.43
points to sit at 12,951.89.