By Commodity News Service Canada
Winnipeg, March 26 – The Canadian dollar was stronger relative to the US dollar at midday Thursday, underpinned by a climbing crude oil market, analysts said.
At 11:40 CDT Thursday, the Canadian dollar was trading at US$0.8019 or US$1=C$1.2470, which compares with Wednesday’s North American close of US$0.7989 or US$1=C$1.2517.
Further support came from Bank of Canada Governor Stephen Poloz’s speech Thursday morning, as he said the Bank will continue to monitor economic growth and will only take action if things deteriorate significantly.
Some traders are worried about further interest rate cuts in Canada. But, Poloz said the Bank of Canada is still “comfortable with the amount of insurance we had already taken out,” referring to January’s unexpected rate cut.
The Toronto Stock Exchange was down 46.88 points, or 0.31%, at 11:40 CDT Thursday, to sit at 14,882.49.
