By Commodity News Service Canada
Winnipeg, March 26 – The Canadian dollar strengthened against its US counterpart at midday Tuesday, underpinned by the strong advances seen in crude oil, analysts said.
At 12:00 CDT Tuesday, the Canadian dollar was trading at US$0.9826, or US$1=C$1.0177, which compares with Monday’s North American close of US$0.9792, or US$=C$1.0212.
Short covering following recent sharp declines also helped the Canadian dollar moved higher, according to traders.
Strong US housing and durable goods data was also supportive, as were reactions to the latest developments in Cyprus.
There was no significant Canadian economic data to report Tuesday.
The Toronto Stock Exchange was down 17.20 points, or 0.14%, at 12:00 CDT Tuesday, to sit at 12,663.51.
