By Commodity News Service Canada
Winnipeg, May 23 – The Canadian dollar firmed against its US counterpart at midday Thursday, recovering from recent sharp declines, analysts said.
At 11:52 CDT Thursday, the Canadian dollar was trading at US$0.9702, or US$1=C$1.0307, which compares with Wednesday’s North American close of US$0.9641, or US$=C$1.0372.
The Canadian dollar also benefited from profit-taking against the US currency on Thursday, according to market watchers.
Strong advances seen in gold were supportive for the loonie. However, losses seen in crude oil were bearish.
The Canadian dollar’s upside potential was also limited by weaker than anticipated Chinese manufacturing data. The HSBC China Manufacturing index came in at 49.6, below expectations of 50.4.
The Toronto Stock Exchange was down 82.76 points, or 0.65%, at 11:52 CDT Thursday, to sit at 12,669.74.
