By Commodity News Service Canada
Winnipeg, June 23 – The Canadian dollar jumped higher against its US counterpart at midday Monday, on word China’s manufacturing industry was moving into expansion mode.
The move upwards was also brought about by speculation the Bank of Canada might move interest rates higher sooner than expected.
In the US, sales of existing homes rose 4.9 in May, which was higher than expected.
The August gold contract gained 30 cents to US$1,316.90 an ounce, which was supportive. The July copper contract rose three cents to US$3.15 a pound, which was bullish. The July crude oil contract dipped 74 cents to US$106.09 a barrel.
At 11:30 CDT Monday, the Canadian dollar was trading at US$0.9315 or US$1.0736, which compares with Friday’s North American close of US$0.9301, or US$=$1.0752.
At 11:30 CDT Monday, the Toronto Stock Exchange was down 18.78 points to sit at 15,090.19.
