By Commodity News Service Canada
Winnipeg, September 4 – The Canadian dollar was stronger against its US counterpart at midday Thursday, underpinned by news the European Central Bank will attempt a new stimulus program in a bid to bolster Europe’s economic recovery.
The announcement was welcomed as the US economy continues to show signs it is outperforming Canada’s economy.
Statistics Canada is reporting Canada’s merchandise exports grew by 1.4 percent in July. This raised the country’s trade surplus with the rest of the world to $2.6 billion.
The loonie is also still feeling support from the Bank of Canada’s decision to leave its key rate unchanged at one per cent.
The December copper contract rose 2 cents to US$3.13 a pound. The October crude oil contract fell US$1.06 to US$92.28 a barrel. December gold rose 20 cents to $1,270.50 an ounce.
At 11:45 CDT Thursday, the Canadian dollar was trading at US$0.9198 or US$1.0872, which compares with Wednesday’s North American close of US$0.9184, or US$=$1.0888.
At 11:45 CDT Thursday, the Toronto Stock Exchange was down 22.40 points to sit at 15,635.23.
