By Commodity News Service Canada
WINNIPEG, Oct. 21 The Canadian dollar was sharply higher relative to the US dollar Tuesday morning, breaking back above 89 cents U.S.
At 8:51 CDT Tuesday the Canadian dollar was at U.S.$0.8912 or U.S.$=C$1.1221, which compares with Monday’s North American close of U.S.$0.8862 or U.S.$=C$1.1284.
Much of the Canadian dollar’s strength was linked to rising commodity prices and positive Chinese economic growth data. Reports say China’s economic growth slowed to 7.3 per cent last quarter, which was above expectations calling for growth to slow to 7.2 per cent.
There was no significant Canadian economic data on Tuesday. Traders were looking ahead to retail sales figures on Wednesday. The Bank of Canada also makes its latest interest rate announcement on Wednesday.
The TSX was up 43.52 points, or 0.30%, at 8:51 CDT Tuesday morning to sit at 14,381.29.
