By Commodity News Service Canada
WINNIPEG, June 20 (CNS Canada) The Canadian dollar strengthened against its US counterpart Monday morning as polls regarding Britain’s referendum help investors relax.
Global markets were tense last week, unsure over the fallout of Britain’s vote on Thursday to leave the European Union (Brexit).
Polls over the weekend showed an increased possibility that Britain will remain in the European Union, causing a rebound in the British pound.
Canadian wholesale sales edged up in April for the first time in three months, adding support to the loonie.
Wholesale sales edged up 0.1 per cent to C$54.8 billion in April, after two consecutive monthly declines, according to Statistics Canada. Gains were recorded in three of seven subsectors, led by the miscellaneous subsector. In volume terms, wholesale sales increased 0.2 per cent.
At 8:38 CDT Monday, the Canadian dollar was at US$0.7824 or US$=C$1.2781, which compares with Friday’s North American close of US$0.7765 or US$1=C$1.2878.
The TSX was up 116.63 points, or 0.84 per cent, at 8:38 CDT Monday morning to sit at 14,018.40.
