Canadian Forex Midday: C$ strengthens significantly

By Commodity News Service Canada

Winnipeg, February 3 – The Canadian dollar was significantly
stronger against its US counterpart at midday Monday, underpinned by
better-than-expected Canadian economic data, industry watchers said.
According to Statistics Canada, the Industrial Product Price Index
(IPPI) increased by 0.7% in December, following a 0.2% gain seen in
November. Economists were expecting the IPPI to rise 0.3% in December,
according to reports.
Adding to the bullish tone were ideas that the Keystone XL
Pipeline could get US approval, participants said.
Spillover from the large gains seen in gold was also supportive of
the loonie.
At 11:32 CST Monday, the Canadian dollar was trading at US$0.9025
or US$1.1080, which compares with Friday’s North American close of
US$0.8978, or US$=$1.1138.
At 11:32 CST Monday, the Toronto Stock Exchange was down 190.04
points to sit at 13,504.90.