By Commodity News Service Canada
Winnipeg, November 13 – The Canadian dollar was stronger against
its US counterpart at midday Wednesday, underpinned by Tuesday’s
announcement from Finance Minister Jim Flaherty, who said the federal
government is expected to post a budget surplus in 2015, market
watchers said.
According to Flaherty, there will be a C$3.7 billion budget
surplus in the year starting April 2015, which was higher than the
C$800 million surplus forecast in March.
Gains seen in commodities, including gold and crude oil, added to
the loonie’s bullish tone.
However, continued concerns that the US Federal Reserve could
decide to slow its monetary stimulus before the end of 2013 limited any
further gains.
At 11:35 CST Wednesday, the Canadian dollar was trading at
US$0.9556 or US$1.0464, which compares with Tuesday’s North American
close of US$0.9530, or US$=$1.0493.
At 11:35 CST Wednesday, the Toronto Stock Exchange was up 7.75
points to sit at 13,333.79.
