By Commodity News Service Canada
WINNIPEG, April 24 (CNS Canada) The Canadian dollar was stronger Monday morning, seeing a modest correction off of nearby lows to start the week.
At 8:47 CDT Monday morning the Canadian dollar was at US$0.7426 or C$1.3470 which compares with Friday’s North American close of US$0.7404 or C$1.3506.
Better-than-expected Canadian wholesale sales data helped underpin the currency, with the 0.2 per cent decline reported by Statistics Canada for February much smaller than the 1.0 per cent forecast by economists.
Broad weakness in the US dollar internationally contributed to the firmer tone in the Canadian dollar, as investors reacted to the first round of voting for the French presidential election.
However, early losses in crude oil did put some pressure on the energy-linked Canadian dollar.
Talk that the US may be set to impose countervailing duties on Canadian softwood lumber kept some uncertainty in the currency market, given the possibility of a trade dispute.
The TSX was up by 75.87 points at 8:47 CDT to sit at 15,690.35.
