By Commodity News Service Canada
WINNIPEG, April 14 – The Canadian dollar was firmer at midday Monday, with solid US retail sales data providing some underlying support for the currency.
At 11:49 CDT, the Canadian dollar was trading at US$0.9120 or US$1=C$1.0965 which compares with Friday’s close of US$0.9108 or US$=C$1.0979.
US retail sales increased by 1.1% in March, according to the US Commerce Department. The sales in Canada’s largest trading partner beat pre-report expectations.
Positioning ahead of the Bank of Canada’s next interest rate announcement on Wednesday, April 16, was also behind some of the activity in canola. The Bank is generally expected to keep its key overnight rate unchanged at 1.0%, but analysts will be following the accompanying statement closely for signs of future moves.
At midday Monday the Toronto Stock Exchange was stronger, up 83.54 points at 11:49 CDT to sit at 14,341.23.
