By Commodity News Service Canada
Winnipeg, March 22 – The Canadian dollar was trading at a firmer level against its US counterpart at midday Friday, as traders were more willing to take on risk because the financial problems in Cyprus are close to being resolved, analysts said.
Lawmakers in Cyprus are expected to vote on new measures that will hopefully qualify them for a bailout package before Monday.
At 11:53 CDT Friday, the Canadian dollar was trading at US$0.9778, or US$1=C$1.0227, which compares with Thursday’s North American close of US$0.9763, or US$=C$1.0243.
Positive remarks from Canada’s finance Minister also lifted the loonie’s value. Canadian finance Minister Jim Flaherty said late Thursday that he plans to eliminate the deficit in Canada’s budget by 2015.
There was no significant Canadian economic data to report on Friday.
The Toronto Stock Exchange was up 29.40 points, or 0.23%, at 11:53 CDT Friday, to sit at 12,777.27.
