By Commodity News Service Canada
Winnipeg, April 28 – The Canadian dollar was up sharply against the US dollar at midday Tuesday, breaking above the 83 cents US mark.
Some of the strength was linked to positive remarks from Bank of Canada Governor Stephen Poloz Tuesday morning, as he said additional interest rate cuts won’t be needed because the economy is showing signs of recovery.
At 11:46 CDT Tuesday, the Canadian dollar was trading at US$0.8311 or US$1=C$1.2032, which compares with Monday’s North American close of US$0.8264 or US$1=C$1.2101.
Broad weakness in the US dollar index and strength in commodity prices, including gold and crude oil, were also bullish.
Though, expectations that first quarter economic growth in Canada was weak, due to low oil prices, limited the downside. Traders were looking ahead to February Canadian gross domestic product data on Thursday.
The Toronto Stock Exchange was down 43.93 points, or 0.29%, at 11:46 CDT Tuesday, to sit at 15,300.15.
