By Commodity News Service Canada
Winnipeg, Nov 5 – The Canadian dollar was stronger relative to the US dollar at midday Wednesday, seeing an upward correction following a recent drop to five-year lows, analysts said.
At 11:40 CST Wednesday, the Canadian dollar was trading at US$0.8785 or US$1=C$1.1383, which compares with Tuesday’s North American close of US$0.8764 or US$1=C$1.1410.
A rebound in crude oil prices on Wednesday, as those values also fell to multi-year lows this week, was also supportive, brokers said.
However, the Canadian currency was initially lower during Wednesday’s session, reacting to news that the Republicans won control of the US Congress after Tuesday’s election.
There was no significant Canadian economic data reported on Wednesday. Traders were looking ahead to employment data from both Canada and the US on Friday.
The Toronto Stock Exchange was up 173.78 points, or 1.21%, at 11:40 CST Wednesday, to sit at 14,564.21.
