By Commodity News Service Canada
Winnipeg, September 10 – The Canadian dollar was higher against its US counterpart at midday Wednesday, as new economic data helped the loonie withstand the advance of the US dollar.
The American greenback has strengthened recently on speculation the US Central Reserve will take a more hawkish tone on interest rates, which are generally expected to rise next year.
The Bank of Montreal has lowered its five-year fixed mortgage rate to 2.99 percent until the end of the month. That is down from the previous mark of 3.29 percent.
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The Hudson’s Bay Company, Dollarama and Empire Co., which is the parent company of Sobeys, are all scheduled to release their quarterly reports before Friday’s closing bell.
The December copper contract remained unchanged at US$3.10 a pound. The October crude oil contract fell US$1.31 to US$91.44 a barrel. December gold rose US$1.00 to $1,249.50 an ounce.
At 11:45 CDT Wednesday, the Canadian dollar was trading at US$0.9123 or US$1.0961, which compares with Tuesday’s North American close of US$0.9115, or US$=$1.0971.
At 11:45 CDT Wednesday, the Toronto Stock Exchange was down 82.65 points to sit at 15,454.16.
