By Commodity News Service Canada
Winnipeg, May 29 – The Canadian dollar was higher against its US counterpart at midday Thursday, on the back of a report showing the country’s current account deficit narrowed by C$3.3 billion to C$12.4 billion in the first quarter on a seasonally adjusted basis.
Statistics Canada said the increase was sparked by an improved traded in goods balance, which recorded its first surplus in a year.
The July crude oil contract rose eight cents to US$102.80 a barrel, which was supportive.
July copper slipped two cents to US$3.18 a pound, while June gold fell $7 to US$1,252.30 an ounce, which was bearish.
At 11:35 CDT Thursday, the Canadian dollar was trading at US$0.9228 or US$1.0837, which compares with Wednesday’s North American close of US$0.9195, or US$=$1.0875.
At 11:35 CDT Thursday, the Toronto Stock Exchange was down 57.23 points to sit at 14,553.73.
