By Commodity News Service Canada
WINNIPEG, April 29 – The Canadian dollar was stronger Monday morning, hitting its highest levels in two weeks relative to its US counterpart.
At 9:27 CDT Monday morning the Canadian dollar was at US$0.9857 or C$1.0145 which compares with Friday’s North American close of US$0.9834, or C$1.0169.
The broad-based weakness seen by the US currency in the international markets accounted for much of the relative strength in the Canadian dollar. Consumer spending data out of the US added to ideas that the US Federal Reserve will not be raising interest rates any time soon, which accounted for the softness in the US dollar, according to analysts.
Gains in the outside equity and commodity markets, including gold and crude oil, provided further support for the Canadian dollar.
The TSX was stronger Monday morning, up 71.91 points at 9:27 CDT to sit at 12,292.11.
