By Commodity News Service Canada
Winnipeg, April 9 – The Canadian dollar was trading at a slightly stronger level compared to its US counterpart at midday Tuesday, underpinned by strong Canadian housing starts data.
Canadian housing starts were at an annualized rate of 184,028 units in March, up from 183,207 in February and above expectations of 175,000.
At 11:53 CDT Tuesday, the Canadian dollar was trading at US$0.9838, or US$1=C$1.0165, which compares with Monday’s North American close of US$0.9830, or US$=C$1.0173.
Strong commodity prices, including crude oil, gold and copper, also helped to lift the value of the Canadian currency, analysts said.
However, disappointing Chinese economic data tempered the advance. According to Chinese government data, the country’s consumer prices increased at a rate of 2.1 per cent in March, down from 3.2 per cent in February.
The Toronto Stock Exchange was up 145.50 points, or 1.18%, at 11:53 CDT Tuesday, to sit at 12,490.06.
