By Commodity News Service Canada
Winnipeg, October 3 – The Canadian dollar opened stronger against
its US counterpart on Thursday, underpinned by favourable Canadian
economic data, industry watchers said.
According to the Department of Finance Canada, Canada’s
international reserves increased by US$1.464 billion in September to
US$71.392 billion, which is up from US$69.928 billion in August.
Gains seen in commodities, including gold, copper and crude oil,
also supported the loonie.
However, favourable US jobless data limited gains, analysts said.
According to the US Department of Labour, jobless claims rose by 1,000
during the week ended September 28 to 308,000. Economists had forecast
claims to rise to 315,000 during the week.
At 8:40 CDT Thursday, the Canadian dollar was at US$0.9687 or
US$=C$1.0323 which compares with Wednesday’s North American close of
US$0.9679, or US$=C$1.0332.
The Canadian dollar will remain in a narrow trading range as the
partial shutdown of the US government enters its third day, brokers
said.
The TSX was up 5.52 points Thursday morning at 8:40 CDT, to sit at
12,844.52.
