By Commodity News Service Canada
WINNIPEG, March 15 The Canadian dollar was trading at a firmer level compared to its US counterpart at 9:02 CDT Friday, as living costs in the US increased more than anticipated, analysts said.
At 9:02 CDT Friday, the Canadian dollar was at US$0.9785 or US$=C$1.0220, which compares with Thursday’s North American close of US$0.9782 or US$=C$1.0223.
News that Canada’s net worth increased in the fourth quarter of 2012 was also supportive. According to Statistics Canada, the country’s net work increased to C$6.9 trillion in the fourth quarter, a 1% increase from the previous quarter.
Strong commodity prices, including crude oil and gold, also helped to underpin the value of the Canadian currency.
However, weak Canadian housing data limited the loonie’s upside potential. According to the Canadian Real Estate Association, average home prices in the country decreased by 1% in February, and sales activity fell 2.1%.
The TSX was up 9.63 points, or 0.08%, at 9:02 CDT Friday morning to sit at 12,809.54.
