By Commodity News Service Canada
Winnipeg, March 27 – The Canadian dollar strengthened against the US dollar at 11:51 CDT Thursday, lifted by technical-based buying, analysts said.
At 11:51 CDT Thursday, the Canadian dollar was trading at US$0.9041, or US$1=C$1.1106, which compares with Wednesday’s North American close of US$0.9022, or US$=C$1.1084.
Spillover support from the gains seen in the Australian and New Zealand currencies, which are commodity-based as well, lifted the loonie.
Strength in crude oil values was also bullish for the Canadian currency, though weakness in gold values was bearish, brokers said.
The currency’s upside was also limited by better than expected US GDP, which showed the economy grew 2.6 per cent at an annualized rate from October to December.
The Toronto Stock Exchange was down 28.80 points, or 0.20%, at 11:51 CDT Thursday, to sit at 14,155.30.
