By Commodity News Service Canada
Winnipeg, March 20 – The Canadian dollar was trading at a slightly firmer level against its US counterpart at midday Wednesday, recovering from recent losses, analysts said.
At 11:46 CDT Wednesday, the Canadian dollar was trading at US$0.9747, or US$1=C$1.0260, which compares with Tuesday’s North American close of US$0.9737, or US$=C$1.0270.
Optimism that a deal will be reached to help Cyprus solve some of their financial problems also underpinned the value of the Canadian dollar.
Expectations that Thursday’s Statistics Canada retail sales data will show that Canadian retail sales were up in January were also supportive.
However, traders were a bit nervous about pushing the currency too far ahead of an announcement from the US Federal Reserve later Wednesday.
The Toronto Stock Exchange was up 36.53 points, or 0.29%, at 11:46 CDT Wednesday, to sit at 12,810.40.
