By Commodity News Service Canada
Winnipeg, May 20 – The Canadian dollar was slightly firmer relative to the US dollar at midsession Wednesday, finding support from rebounding crude oil values, analysts said.
At 11:45 CDT Wednesday, the Canadian dollar was trading at US$0.8187 or US$1=C$1.2214, which compares with Tuesday’s North American close of US$0.8175 or US$1=C$1.2232.
Strength in other commodities, including gold, was also bullish, as were Tuesday’s positive remarks from Bank of Canada Governor Stephen Poloz. He said the Canadian economy is moving in the right direction, and still believes a recovery is on its way later this year.
Positive Canadian data was also supportive. Statistics Canada said wholesale sales rose 0.8 per cent to C$53.9 billion in March, after two consecutive monthly declines.
Though, traders are still worried about an interest rate hike in the US, and another possible cut in Canada, which was overhanging the currency markets.
The Toronto Stock Exchange was down 10.35 points, or 0.07%, at 11:45 CDT Wednesday, to sit at 15,110.67.
