By Commodity News Service Canada
WINNIPEG, April 16 – The Canadian dollar was stronger Tuesday morning, seeing a modest recovery from Monday’s declines.
At 9:29 CDT Tuesday morning the Canadian dollar was at US$0.9782 or C$1.0223 which compares with Monday’s North American close of US$0.9752, or C$1.0254.
Monthly manufacturing data from Statistics Canada, showing a 2.6% increase in sales in February, beat market expectations and accounted for some of the strength in the Canadian currency, according to analysts.
Advances in gold and the outside equity markets, after Monday’s sell-off, provided some spillover support for the Canadian dollar as well. However, crude oil was a little softer in early activity.
The TSX was weaker Tuesday morning, up 66.67 points at 9:29 CDT to sit at 12,069.12.
