By Commodity News Service Canada
Winnipeg, April 29 – The Canadian dollar was stronger against its US counterpart at midday Monday, supported by spillover buying from the gains seen in commodities, analysts said.
At 12:02 CDT Monday, the Canadian dollar was trading at US$0.9865, or US$1=C$1.0137, which compares with Friday’s North American close of US$0.9834, or US$=C$1.0169.
Optimism that the US Federal Reserve will continue its quantitative easing programs following its two-day meeting this week further underpinned the Canadian dollar.
Support also came from hopes that the European Central Bank will implement stimulus programs this week, market watchers noted.
There was no significant Canadian economic data to report on Monday.
The Toronto Stock Exchange was up 97.97 points, or 0.80%, at 12:02 CDT Monday, to sit at 12,318.17.
