By Commodity News Service Canada
Winnipeg, May 12 – The Canadian dollar was stronger against its US counterpart at midday Tuesday, as higher oil prices kept the loonie buoyed against its American counterpart.
The loonie was at US$0.8343 or US$1 = C$1.1986 at 11:50 CDT Tuesday morning. Gold prices were also up which underpinned the dollar in the absence of any domestic data.
Short-term technical factors will be neutral for the loonie, said an analyst.
On the commodity markets the June crude contract in New York rose US$1.56 to US$60.81 a barrel. The June gold contract jumped US$9.80 to US$1,192.80 an ounce.
At 11:50 CDT Tuesday morning, the Toronto Stock Exchange was down 89.78 points to 15,062.86.
