By Commodity News Service Canada
WINNIPEG, March 11 – The Canadian dollar closed nearly unchanged against the US dollar on Tuesday amid a lack of fresh news, analysts said.
The Canadian dollar closed at US$0.9006 US$1=C$1.1103 on Tuesday, which compares with Monday’s North American settlement of US$0.9008 or US$=C$1.1101.
Some support came from the advances seen in gold prices, as well as news of a new free trade agreement between Canada and South Korea.
On the other side, weakness in crude oil and a lack of risk sentiment, due to concerns about Chinese economic growth, were bearish.
Traders were looking ahead to Thursday’s release of US retail sales data, which could give the market some direction. There’s no significant market moving Canadian data due scheduled for release this week.
Canadian bonds moved slightly higher amid quiet activity as global risk sentiment was said to be on the decline, according to market watchers.
The two-year bond yielded 1.034% late Tuesday, from
1.042% late Monday. The 10-year bond yielded 2.484%, from
2.497%. Bond yields fall as their prices rise.
