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Reply #19: Canada's Dollar Approaches 30-Year High After Wholesale Sales [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-19-07 08:29 AM
Response to Reply #8
19. Canada's Dollar Approaches 30-Year High After Wholesale Sales
http://www.bloomberg.com/apps/news?pid=20601083&sid=aj6...

July 18 (Bloomberg) -- Canada's dollar approached the 30- year high reached yesterday after a government report showed wholesale sales rose more than economists expected in May.

The currency has gained almost 12 percent this year on a strengthening economy and higher prices for Canada's commodity exports including oil. Crude oil rose to an 11-month high in New York after Total SA lost production and declared force majeure at the Dalia field in Angola.

Canada's dollar rose to 96.1 U.S. cent at 8:51 a.m. in Toronto, from 95.81 U.S. cents yesterday. The currency climbed to 96.14 U.S. cents yesterday, the highest since February 1977. One U.S. dollar buys C$1.0416.

Total sales rose 0.6 percent to C$43.1 billion ($41.3 billion), Statistics Canada said today in Ottawa. Economists in a Bloomberg News survey forecast a gain of 0.5 percent, the median of 17 estimates.

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