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The buck is up

The Canadian dollar advanced Thursday amid rising commodity prices while traders appeared to take in stride a downgrade of Spain's debt.

The loonie rose 0.19 of a cent to 102.16 cents US.

Standard & Poor's cut its rating on Spain’s debt by two notches to BBB-minus late Wednesday, leaving the country on the verge of junk status, or non-investment grade.

The Spanish government has so far refused to tap a new European Central Bank bond-buying facility that has been largely designed to keep a lid on the country's borrowing rates. But market reaction was muted as some analysts think the downgrade will help push the government to finally request the help.

Also, "S&P had previously downgraded Spain in late April 2012 and had warned at the time that the risk of further downgrades were clear," observed Scotia Capital chief currency strategist Camilla Sutton.

Meanwhile, the commodity sensitive loonie found some support from rising prices for oil and metals.

Traders fear the civil war in Syria could grow into a wider regional conflict that could threaten oil supplies from Middle East producers. The Middle East and North Africa account for about a third of global oil production. Oil was up $1.30 to US$92.55 a barrel.

The Canadian Press


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S&P TSX14227.68+174.71
S&P CDNX810.1318.20
DJIA16380.41263.17
Nasdaq4258.438+41.047
S&P 5001886.76+24.00
CDN Dollar0.8882+0.0017
Gold1244.50+5.50
Oil81.64+0.02
Lumber334.60-0.60
Natural Gas3.72-0.046

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.11+0.06
Cantex0.08+0.02
Anavex Life Sciences0.19-0.0015
Metalex Ventures0.05+0.005
Russel Metals32.35+0.87
Copper Mountain Mining1.94+0.09
Colorado Resources0.15+0.005
ReliaBrand Inc0.013-0.0028
Sunrise Resources Ltd0.060.00
Mission Ready Services0.45+0.06

 



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