By Commodity News Service Canada
Winnipeg, June 9 – The Canadian dollar was slightly higher against its US counterpart at midday Monday on the back of robust housing data.
According to Statistics Canada, the number of seasonally-adjusted housing starts in May rose to 198,324, over 1,600 more than in April.
The numbers suggest housing will be a net gain to economic growth in the second quarter, after a weak construction period due to the cold winter.
The August gold contract gained 90 cents to US$1,253.40 an ounce which was supportive.
The July crude oil contract rose $1.50 cents to US$104.16 a barrel, which was bullish.
At 11:45 CDT Monday, the Canadian dollar was trading at US$0.9163 or US$1.0913, which compares with Friday’s North American close of US$0.9149, or US$=$1.0930.
At 11:45 CDT Monday, the Toronto Stock Exchange was up 41.61 points to sit at 14,880.51.
