By Commodity News Service Canada
Winnipeg, August 26 – The Canadian dollar was higher against its US counterpart at midday Tuesday, as the proposed Tim Hortons’ merger with Burger King sent signals to investors that the big foreign buyer will need Canadian currency to seal the deal.
The deal is a cash and stock transaction worth approximately C$11 billion. 3G Capital would own 51 percent of the new company.
Meantime, Statistics Canada is preparing to release the gross domestic product growth report. That is scheduled for Friday and analysts believe it will show the GDP grew by 0.2 percent in June.
The September copper contract fell one cent to US$3.21 a pound. The October crude oil contract jumped 48 cents to US$93.83 a barrel. December gold was up $10 to $1,288.90 an ounce.
At 11:50 CDT Tuesday, the Canadian dollar was trading at US$0.9135 or US$1.0947, which compares with Monday’s North American close of US$0.9107, or US$=$1.0981.
At 11:45 CDT Tuesday, the Toronto Stock Exchange was up 17.18 points to sit at 15,615.92.
