By Commodity News Service Canada
Winnipeg, April 6 – The Canadian dollar was slightly higher against its American counterpart at midday Monday, pushed upward by strengthening oil prices.
The loonie was at US$0.8032 or US$1 = C$1.2450 at 11:35 CDT Monday morning.
Saudi Arabia’s decision to raise crude prices for Asia signaled improving demand in the region. There are expectations Iranian oil exports will begin to enter the market in the next year or two as a result of Iran’s recent deal with the US and other western powers over its nuclear program.
Read Also
Canadian Financial Close: C$ weaker Monday
Glacier FarmMedia — The Canadian dollar was weaker on Monday, hitting its weakest level in six days relative to its…
A survey by the Bank of Canada revealed that Canadian companies generally have lower expectations for sales growth in the second quarter. Most businesses said they expect to spend about the same amount on machinery and equipment as before.
Genworth Canada has indicated it will increase the premium on its mortgage insurance by June 1.
On the commodity markets the April crude contract in New York jumped US$2.45 to US$51.59 a barrel. The April gold contract rose US$19.60 to US$1,220.50 an ounce.
At 11:35 CDT Monday morning, the Toronto Stock Exchange was up 116.57 points to 15,143.19.
