By Commodity News Service Canada
Winnipeg, March 31 – The Canadian dollar strengthened against its US counterpart at midday Monday, after the chairwoman of the US Federal Reserve, Janet Yellen, said extraordinary commitment would be needed to support the US economy.
Yellen defended the policies of bond-buying and low-interest rates the reserve has taken in the face of the sluggish economy and weak job market. “The recovery still feels like a recession to many Americans,” she said.
There is growing speculation the US could raise interest rates in the first half of 2015.
Bullish gold prices are little changed, as speculation about the US economy eroded investment interest.
At 11:45 CDT Monday, the Canadian dollar was trading at US$0.9059 or US$1.1039, which compares with Friday’s North American close of US$0.9042, or US$=$1.1060.
At 11:45 CDT Monday, the Toronto Stock Exchange was up 81.26 points to sit at 14,341.98.
