By Commodity News Service Canada
Winnipeg, April 11 – The Canadian dollar was trading at a stronger level compared to its US counterpart at midday Thursday, as positive economic data from China supported its value, analysts said.
At 11:59 CDT Thursday, the Canadian dollar was trading at US$0.9897, or US$1=C$1.0104, which compares with Wednesday’s North American close of US$0.9858, or US$=C$1.0144.
The Canadian dollar almost moved higher in reaction to strong Canadian housing data. According to Statistics Canada, the New Housing Price Index rose 0.2% in February, following an increase of 0.1% in January.
Good US unemployment data further underpinned the value of the Canadian dollar. According to the US Labour Department, jobless insurance claims decreased by 42,000, to 346,000, last week.
The Toronto Stock Exchange was down 54.14 points, or 0.43%, at 11:59 CDT Thursday, to sit at 12,480.77.
