By Commodity News Service Canada.
Winnipeg, July 28 – The Canadian dollar was higher against its US counterpart at midday Tuesday, as traders consolidated their positions ahead of the US Federal Reserve meeting on Wednesday.
The Canadian dollar was at US$0.7737or US$1 = C$1.2947 at 11:40 CDT Tuesday morning.
WestJet recovered a second-quarter profit of C$61.6 million as the airline cut costs in an effort to bolster its bottom line. WestJet pilots are scheduled to vote later this month on whether or not to form a union.
Healthy second-quarter results for most US banks should benefit Canadian banks in the third quarter, according to an analyst.
On the commodity markets the August crude contract in New York climbed US$0.60 to US$47.99 a barrel. The August gold contract fell US$1.60 to US$1,094.80 an ounce.
At 11:40 CDT Tuesday morning, the Toronto Stock Exchange was up 57.56 points to 14,058.93.
