By Commodity News Service Canada
WINNIPEG, January 11 The Canadian dollar was trading at a stronger level versus its US counterpart at 8:50 CST Friday, with follow-through buying from Thursday’s advance behind much of the firmness, analysts said.
The Canadian currency was stronger on Thursday due to positive news from the euro zone and strong export data from China.
At 9:00 CST Friday, the Canadian dollar was at US$1.0184 or US$=C$0.9819, which compares with Thursday’s North American close of US$1.0157 or US$=C$0.9845.
Soft Canadian trade data limited the Canadian unit’s upside potential, participants said. According to Statistics Canada, Canada’s trade deficit with the world widened from C$552 million in October to C$2 billion in November. Exports decreased 0.9% while imports rose 2.7%
Declining commodity prices, including crude oil, gold and copper, also undermined the value of the Canadian dollar on Friday morning.
The TSX was down 26.40 points, or 0.21%, at 9:00 CST Friday morning to sit at 12,573.34.
