By Commodity News Service Canada
WINNIPEG, June 24 – The Canadian dollar moved lower against the US dollar on Tuesday, seeing a profit taking correction following a recent rally, analysts said.
The Canadian dollar closed at US$0.9308 or US$1=C$1.0744 on Tuesday, which compares with Monday’s North American settlement of US$0.9323 or US$1=C$1.0726.
Spillover pressure from the weakness seen in crude oil and copper prices on Tuesday was also bearish for the Canadian dollar.
Canadian bonds closed higher on Tuesday, recovering from the large losses seen recently amid increased appetite for safe-haven assets, traders said.
The two-year bond yielded 1.121% late Tuesday, from 1.143% late Monday. The 10-year bond yielded 2.285%, from 2.334%. Bond yields fall as their prices rise.
