By Commodity News Service Canada
Winnipeg, May 6 – The Canadian dollar was higher against its US counterpart at midday Wednesday, as the loonie shrugged off concerns about how the election of the NDP in oil-rich Alberta would affect the oil industry.
The loonie was at US$0.8305 or US$1 = C$1.2040 at 11:45 CDT Wednesday morning. A rise in crude oil this morning was widely seen as the reason behind the Canadian dollar’s ascent.
RBC Capital Markets reported that buying interest in the Canadian dollar was the dominant feature in last night’s trading.
Canadian Tire has announced plans to buy 12 former Target locations throughout Canada.
On the commodity markets the June crude contract in New York rose US$0.47 to US$60.87 a barrel. The June gold contract fell US$4.00 to US$1,189.20 an ounce.
At 11:45 CDT Wednesday morning, the Toronto Stock Exchange was down 167.97 points to 15,005.97.
