By Commodity News Service Canada
Winnipeg, Feb. 12 – The Canadian dollar was sharply stronger relative to the US dollar at midday Thursday, jumping back above the 80 cents US mark and gaining more than full cent.
At 11:38 CST Thursday, the Canadian dollar was trading at US$0.8024 or US$1=C$1.2463, which compares with Wednesday’s North American close of US$0.7911 or US$1=C$1.2641.
A rebound in crude oil values, as they climbed back above $50 per barrel, helped the Canadian currency advance against the US dollar, analysts said.
Easing concerns about political problems in Ukraine, as news that Russia, Ukraine, France and Germany have produced a preliminary peace deal for the country, were also supportive.
Optimism that Greece will come to a deal with the other euro zone countries to help improve its financial situation was also bullish.
However, ongoing speculation that the Bank of Canada may consider cutting interest rates further if they need to stimulate economic growth limited the upside.
The Toronto Stock Exchange was down 10.22 points, or 0.07%, at 11:38 CST Thursday, to sit at 15,141.28.
