By Commodity News Service Canada
WINNIPEG, April 10 – The Canadian dollar eased relative to the US dollar on Thursday, seeing a correction following recent advances, analysts said.
The Canadian dollar closed at US$0.9150 or US$1=C$1.0929 on Thursday, which compares with Wednesday’s North American settlement of US$0.9198 or US$1=C$1.0872.
Disappointing Chinese trade data also weighed on the Canadian dollar. Reports showed that exports out of China dropped 6.6 per cent compared to a year ago, falling below expectations that exports would see slight growth.
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Weakness in crude oil values was also bearish, as was spillover from the weakness seen in equity markets, brokers added. Though, gold values moved higher, providing some support for the Canadian currency.
Positive Canadian housing data was also slightly bullish. Statistics Canada said new house prices rose 0.2 per cent month-over-month in February, beating expectations of a 0.1 per cent jump.
Canadian bonds ended higher on Thursday, as traders were said to be liquidating positions out of the equity market and flocking to safe-haven assets, according to market watchers.
The two-year bond yielded 1.053% late Thursday, from 1.071% late Wednesday. The 10-year bond yielded 2.429%, from
2.467%. Bond yields fall as their prices rise.
