By Commodity News Service Canada
Winnipeg, December 31 – The Canadian dollar was trading at a firmer level versus its US counterpart at midday Monday.
Data showing that China’s manufacturing sector grew at its fastest pace since May 2011 in December helped the Canadian currency move higher, analysts said.
At 11:32 CST Monday, the Canadian dollar was trading at US$1.0060, or US$1=C$0.9940, which compares with Friday’s North American close of US$1.0035, or US$=C$0.9965.
Strong commodity prices, as gold, copper and crude oil values were higher at midday Monday, also helped to underpin the Canadian currency.
Some concerns about the impending US fiscal cliff continued to overhang the market. However, some traders were optimistic that even if a deal is not reached by the midnight deadline, US lawmakers will find a way to avoid falling into another recession.
There was no Canadian economic data to report on Monday. Statistics Canada will release its next big economic indicators in the New Year.
The Toronto Stock Exchange was up 31.66 points, or 0.26%, at 11:32 CST Monday, to sit at 12,347.78.
