By Commodity News Service Canada
WINNIPEG, April 8 The Canadian dollar was up sharply against its US counterpart Wednesday morning, reacting to positive merger and acquisition news out of Asia and Europe overnight, analysts said.
At 8:48 CDT Wednesday, the Canadian dollar was at US$0.8050 or US$=C$1.2422, which compares with Tuesday’s North American close of US$0.7997 or US$1=C$1.2504.
Broad weakness in the US dollar index, and ideas that the bias in crude oil may be shifting higher after a recent break above $50.55 a barrel, were also bullish.
However, crude oil values were showing some weakness Wednesday morning, which limited the upside, as did softness in gold prices.
There was no significant Canadian economic data released Wednesday morning. Traders were looking ahead to the afternoon’s release of US Federal Reserve minutes.
The TSX was up 39.86 points, or 0.26%, at 8:48 CDT Wednesday morning to sit at 15,228.70.
