By Commodity News Service Canada
Winnipeg, May 21 – The Canadian dollar firmed against its US counterpart at midday Tuesday, as the Bank of Canada governor Mark Carney’s was set to make his final speech before heading to England Tuesday afternoon.
At 11:57 CDT Tuesday, the Canadian dollar was trading at US$0.9750, or US$1=C$1.0256, which compares with Friday’s North American close of US$0.9717, or US$=C$1.0291. Canadian markets were closed to observe the Victoria Day holiday on Monday.
Ideas that recent declines were overdone also helped to underpin the value of the Canadian dollar.
However, pressure from the losses seen in commodities, including crude oil and gold, limited the Canadian unit’s upside potential.
The Toronto Stock Exchange was up 170.90 points, or 1.35%, at 11:57 CDT Tuesday, to sit at 12,783.95.
