By Commodity News Service Canada
WINNIPEG, March 6 – The Canadian dollar closed stronger against the US dollar on Thursday, settling just below the 91 cents US mark.
The Canadian dollar closed at US$0.9098 or US$1=C$1.0992 on Thursday, which compares with Wednesday’s North American settlement of US$0.9060 r US$=C$1.1038.
A broad sell-off in the US dollar and positive Canadian economic data helped to lift the Canadian currency, market watchers said.
Statistics Canada reported the total value of building permits issued by Canadian municipalities rose 8.5 per cent to C$7 billion in January. Expectations called for a 1.7 per cent jump.
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Spillover support for the Canadian dollar also came from the firmer tone seen in commodities, including crude oil, gold and copper.
Traders were looking ahead to Friday’s Canadian employment data from Statistics Canada.
Canadian bonds were lower as traders were evening up positions ahead of the release of employment data from Canada and the US Friday morning, brokers said.
The two-year bond yielded 1.053% late Thursday, from
1.040% late Wednesday. The 10-year bond yielded 2.507%, from
2.471%. Bond yields fall as their prices rise.
