By Commodity News Service Canada
WINNIPEG, Nov. 6 – The Canadian dollar was stronger at midday Wednesday, as gains in outside commodity markets and solid building data provided support.
At 10:48 CST, the Canadian dollar was trading at US$0.9600 or US$1=C$1.0417 which compares with Tuesday’s close of US$0.9562 or US$=C$1.0458.
Statistics Canada reported that C$6.5 billion worth of building permits were issued in September, up 1.7% from the previous month. Analysts had expected a more modest 0.6% monthly rise.
Crude oil and other commodities were also higher on Wednesday, which contributed to the firmer tone in the Canadian dollar.
Positioning ahead of Thursday’s European Central Bank interest rate meeting was another feature in the currency markets.
At midday Wednesday the Toronto Stock Exchange was stronger, up 15.62 points at 10:48 CST to sit at 13,376.86.
