By Commodity News Service Canada
Winnipeg, March 26 – The Canadian dollar firmed against the US dollar at 11:49 CDT Wednesday, finding some support from the strength seen in the also commodity-linked currencies of Australia and New Zealand, analysts said.
At 11:49 CDT Wednesday, the Canadian dollar was trading at US$0.8986, or US$1=C$1.1128, which compares with Tuesday’s North American close of US$0.8961, or US$=C$1.1159.
Reports that Chinese leaders may take action to try and encourage economic growth in the country also helped to underpin the Canadian dollar.
Spillover support from the strength seen in crude oil prices was also bullish, though weaker copper and gold values were bearish.
Positive US economic data also put some downward pressure on the Canadian dollar. Orders for durable goods rose 2.2 per cent in February, the largest gain in three months, the US Commerce Department said.
The Toronto Stock Exchange was down 24.11 points, or 0.17%, at 11:49 CDT Wednesday, to sit at 14,275.38.
