By Commodity News Service Canada
Winnipeg, March 7 – The Canadian dollar was trading at a slightly firmer level compared to its US counterpart at midday Thursday, as strong Canadian trade data lifted its value, analysts said.
According to Statistics Canada, the country’s trade deficit with the world narrowed to C$237 million in January, from $332 million in December. The narrowing deficit was a direct result of stronger exports.
At 11:46 CST Thursday, the Canadian dollar was trading at US$0.9709, or US$1=C$1.0300, which compares with Wednesday’s North American close of US$0.9695, or US$=C$1.0315.
Strong commodity prices, including crude oil, gold and copper also helped to underpin the value of the Canadian currency.
However, Wednesday’s dovish Bank of Canada announcement continued to pressure the loonie, limiting the advances, traders noted.
Traders were looking ahead to Friday when StatsCan will release its latest employment data report.
The Toronto Stock Exchange was up 11.82 points, or 0.09%, at 11:46 CST Thursday, to sit at 12,843.78.
