By Commodity News Service Canada
Winnipeg, June 10 – The Canadian dollar was up sharply against the US dollar at midday Wednesday, rallying along with crude oil values, analysts said.
At 11:42 CDT Wednesday, the Canadian dollar was trading at US$0.8144 or US$1=C$1.2279, which compares with Tuesday’s North American close of US$0.8100 or US$1=C$1.2346.
General weakness in the US dollar after Japanese officials said the country’s currency is very soft was also supporting the Canadian dollar.
Though, ongoing expectations that the US Federal Reserve will raise interest rates later this year continued to overhang the Canadian currency.
There was no significant Canadian economic data released on Wednesday. New housing and international investment data will likely provide some direction for the currency on Thursday, brokers added.
The Toronto Stock Exchange was up 120.51 points, or 0.81%, at 11:42 CDT Wednesday, to sit at 14,938.22.
