By Commodity News Service Canada
Winnipeg, October 28 – The Canadian dollar strengthened against
its US counterpart at midday Monday, underpinned by reports that the US
Federal Reserve will likely decide to not slow its monetary stimulus
during this week’s two-day policy meeting, market watchers said.
According to traders, economic uncertainty due to the 16-day
partial shutdown of the US government will likely prevent the Fed from
slowing their bond buying program this month.
Gains seen in commodities, including gold, copper and crude oil,
added to the bullish tone.
At 11:36 CDT Monday, the Canadian dollar was trading at US$0.9577
or US$1.0441, which compares with Friday’s North American close of
US$0.9565, or US$=$1.0455.
With no major Canadian economic data scheduled to be released on
Monday, traders are looking ahead to Thursday’s gross domestic product
report from Statistics Canada. Economists are expecting Canada’s GDP to
be up 2% in August.
At 11:36 CDT Monday, the Toronto Stock Exchange was down 18.98
points to sit at 13,380.44.
