By Commodity News Service Canada
Winnipeg, April 14 – The Canadian dollar was stronger relative to the US dollar at midday Tuesday, following the gains seen in crude oil values, analysts said.
At 11:39 CDT Tuesday, the Canadian dollar was trading at US$0.8004 or US$1=C$1.2494, which compares with Monday’s North American close of US$0.7942 or US$1=C$1.2592.
Further support came from a weaker US dollar, as March US retail sales data was disappointing. US retail sales were up 0.9 per cent last month, while a 1.1 per cent jump was anticipated.
Though, weakness in gold and ongoing worries about slow economic growth in Canada limited the upside.
There was no significant Canadian economic data released on Tuesday. Traders were looking ahead to Wednesday, when the Bank of Canada will make an interest rate announcement.
The Toronto Stock Exchange was down 21.31 points, or 0.14%, at 11:39 CDT Tuesday, to sit at 15,362.28.
