By Commodity News Service Canada
Winnipeg, September 10 – The Canadian dollar strengthened against
its US counterpart at midday Tuesday, underpinned by positive Chinese
economic data, industry watchers said.
According to reports, China’s industrial production was up 10.4%
in August, which was higher than the 9.9% gain economists had forecast.
Further gains came from news that Syria has agreed to hand over
weapons to international control, easing concerns about a possible US
military strike, analysts said.
However, unfavourable Canadian housing data halted any further
advances, brokers said. Canada Housing and Mortgage Corporation
reported today that the pace of starts slowed in August, as the monthly
seasonally adjusted rate fell from 193,021 in July to 180,291 in
August.
At 11:39 CDT Tuesday, the Canadian dollar was trading at US$0.9656
or US$1.0356, which compares with Monday’s North American close of
US$0.9640, or US$=$1.0373.
Losses seen in commodities, including gold, copper and crude oil,
also limited the loonie’s gains.
At 11:39 CDT Tuesday, the Toronto Stock Exchange was down 37.39
points to sit at 12,817.25.
