By Commodity News Service Canada
Winnipeg, March 23 – The Canadian dollar was stronger against the US dollar at midsession Monday, underpinned by a sell-off in the US currency, analysts said.
Last week’s US Federal Reserve comments, noting that they will wait for more improvement in the labour sector before raising interest rates, was fuelling the US dollar sell-off, brokers added.
At 11:41 CDT Monday, the Canadian dollar was trading at US$0.7989 or US$1=C$1.2517, which compares with Friday’s North American close of US$0.7950 or US$1=C$1.2579.
Spillover support for the Canadian dollar also came from the advances seen in commodity prices, including crude oil and gold.
However, ongoing worries about slow economic growth in Canada and other parts of the world limited the upside.
The Toronto Stock Exchange was down 10.84 points, or 0.07%, at 11:41 CDT Monday, to sit at 14,931.57.
