By Commodity News Service Canada
Winnipeg, January 14 – The Canadian dollar was slightly stronger compared to its US counterpart at midday Monday, as positive results from a Bank of Canada survey improved investor’s appetite for risk, analysts said.
The Bank of Canada’s quarterly business outlook survey showed that economists generally think economic and employment conditions in Canada will improve in 2013.
At 11:57 CST Monday, the Canadian dollar was trading at US$1.0162, or US$1=C$0.9841, which compares with Friday’s North American close of US$1.0158, or US$=C$0.9844.
Strong gold prices also helped to underpin the value of the Canadian dollar, market watchers said.
However, worse than expected factory data out of the euro zone limited the Canadian unit’s upside potential. Euro zone factories were less productive in November, while traders expected factory output in the euro zone would increase during the month.
There was no significant Canadian economic data to report on Monday.
The Toronto Stock Exchange was down 17.61 points, or 0.14%, at 11:57 CST Monday, to sit at 12,584.57.
