By Commodity News Service Canada
Winnipeg, June 26 The Canadian dollar was slightly higher relative to its U.S. counterpart on Thursday due to mixed commodity prices and a fairly neutral read on American consumer spending, analysts say.
At 9:03 CDT Thursday morning, the Canadian dollar rose to US$0.9337 or US$ = C$1.0721, increasing from Wednesday’s close of US$0.9327 or US$ = C$1.0722.
American consumer spending has risen 0.2 per cent in May after seeing no gains in April, according to the U.S. Commerce Department. It was expected to gain 0.4 per cent. Meanwhile, income met expectations as it strengthened to a solid 0.4 per cent in May, after gaining 0.3 per cent in April.
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The Canadian dollar has posted its biggest gains in the past six months, rising to a six-month high of one and a third cents US over the past week, as gold and oil prices climb amid the political unrest in Iraq and the tensions between Russia and Ukraine.
However, on Thursday crude oil prices were lower as worries over supply disruptions from Iraq had diminished slightly. August crude oil contracts were down 22 cents to sit at US$106.28 a barrel.
August gold bullion fell $6.70 to sit at US$1.315.90 an ounce, while July copper remained unchanged at US$3.16 a pound.
The TSX was down 15.45 points to sit at 14,959.20 at 9:03 CDT Thursday morning.
