By Commodity News Service Canada
Winnipeg, April 25 – The Canadian dollar was strengthened against its US counterpart at midday Thursday, finding spill over support from the gains seen in gold and copper, analysts said.
At 11:55 CDT Thursday, the Canadian dollar was trading at US$0.9805, or US$1=C$1.0199, which compares with Wednesday’s North American close of US$0.9750, or US$=C$1.0256.
Strong US employment data improved risk sentiment, which also helped the Canadian dollar move to higher ground. The US government said weekly jobless claims in the country fell 16,000 to 339,000, beating expectations of 350,000.
Further support came from positive economic news from Britain. According to the Office for National Statistics in London, England, Britain’s gross domestic product increased 0.3% in the first quarter of 2013, beating expectations of a 0.1% rise.
The Toronto Stock Exchange was up 58.66 points, or 0.48%, at 11:55 CDT Thursday, to sit at 12,329.09.
