Canadian Forex Midday: C$ strengthens

By Commodity News Service Canada

Winnipeg, December 16 – The Canadian dollar was stronger against
its US counterpart at midday Monday, as traders look ahead to the US
Federal Reserve’s final policy meeting in 2013, which takes place
Tuesday and Wednesday, industry watchers said.
According to analysts, most economists still believe that the Fed
will decide to slow its monetary stimulus in early 2014, but a string
of recent stronger-than-expected US economic reports has some concerned
that tapering could happen as early as this week.
Gains seen in commodities, including gold, copper and crude oil,
were bullish for the loonie.
However, poor Canadian housing data limited the Canadian dollar’s
upside on Monday morning, investors said.
The Canadian Real Estate Association said home sales in November
were down 0.1%, following a 3.2% decline in October.
At 11:38 CST Monday, the Canadian dollar was trading at US$0.9448
or US$1.0584, which compares with Friday’s North American close of
US$0.9438, or US$=$1.0595.
At 11:38 CST Monday, the Toronto Stock Exchange was down 92.58
points to sit at 13,218.28.