By Commodity News Service Canada
WINNIPEG, August 11 (CNS Canada) The Canadian dollar strengthened against its US counterpart Thursday morning, up with crude oil and positive Canadian housing data.
Crude oil demand is currently outpacing production from July to September, according to the International Energy Agency (IEA), supporting the loonie.
The glut of crude oil has apparently vanished as balances show no oversupply, the IEA said, adding demand is expected to be close to one million more barrels a day than production.
Canada’s new housing price index edged 0.1 per cent higher in June, following a 0.7 per cent increase in May, according to Statistics Canada.
The advance was led by continued strength in Toronto, Oshawa and Vancouver, however decreases in Calgary and Edmonton moderated gains.
At 9:00 CDT Thursday, the Canadian dollar was at US$0.7672 or US$=C$1.3034, which compares with Wednesday’s North American close of US$0.7655 or US$1=C$1.3064.
The TSX was up 26.99 points, or 0.18 per cent, at 9:00 CDT Thursday morning to sit at 14,802.03.
