Canadian dollar inches higher amid improvement in trade figures

TORONTO – The Canadian dollar moved higher on Thursday morning following an improvement in Canada’s trade position in February.

The loonie rose to 90.67 before stock markets opened, an increase of 0.05 cents.

Statistics Canada reported that merchandise exports grew 3.6 per cent, while imports were up 2.1 per cent in February.

The agency said Canada’s trade balance with the world went to a surplus of $290 million in February from a deficit of $337 million in January.

Meanwhile, the Commerce Department reported that the U.S. trade deficit climbed to US42.3 billion in February — its highest level in five months.

Demand for American exports fell 1.1 per cent to $190.4 billion while imports increased.

In commodities, the price of oil held below US$100 with the May crude contract down 33 cents to $99.29 a barrel.

May copper contracts were down one cent at US$3.03 a pound while bullion for June delivery was down $5.10 at US$1,285.70 an ounce.