Canadian Forex Midday: C$ strengthens

By Commodity News Service Canada

Winnipeg, December 9 – The Canadian dollar was stronger against
its US counterpart at midday Monday, reversing early morning losses and
remaining in a narrow trading range amid a lack of fresh US or Canadian
economic news, industry watchers said.
Gains seen in commodities, including crude oil, gold and copper,
were bullish for the loonie.
However, concerns that the US Federal Reserve could slow their
monetary stimulus before the end of the year limited the Canadian
dollar’s upside, as did weaker-than-expected housing data, participants
said.
According to Canada Mortgage and Housing Corp., the seasonally
adjusted rate of housing starts in November was 192,235, which was
below trade expectations of 195,000 and down from 198,161 starts seen
in October.
At 11:43 CST Monday, the Canadian dollar was trading at US$0.9394
or US$1.0645, which compares with Tuesday’s North American close of
US$0.9384, or US$=$1.0656.
At 11:43 CST Monday, the Toronto Stock Exchange was up 56.69
points to sit at 13,337.41.