By Commodity News Service Canada.
Winnipeg, July 9 – The Canadian dollar was higher against its US counterpart at midday Thursday, as a rebound in oil prices helped the loonie find its footing.
The Canadian dollar was at US$0.7863 or US$1 = C$1.2717 at 11:50 CDT Thursday morning. A roadblock in the nuclear deal between the US and Iran supported oil prices along with some reassurances regarding China’s economic growth.
Canadian housing starts increased 3% to an annual rate of 202,818 units in June, compared to May. This was higher than what many analysts had been expecting.
US jobless claims increased to 297,000 in the week ended July 4.
On the commodity markets the August crude contract in New York climbed US$1.25 to US$52.90 a barrel. The August gold contract fell US$2.90 to US$1,160.50 an ounce.
At 11:50 CDT Thursday morning, the Toronto Stock Exchange was up 13.82 points to 14,425.89.
