By Commodity News Service Canada
WINNIPEG, March 28 – The Canadian dollar closed weaker relative to the US dollar on Friday, as traders were less willing to take on risk due to concerns about slow economic growth in China.
The Canadian dollar closed at US$0.9042 or US$1=C$1.1060 on Friday, which compares with Thursday’s North American settlement of US$0.9064 or US$1=C$1.1032.
Positive economic data from the US, which showed both consumer spending and income increased by 0.3 per cent in February, also weighed on the loonie, analysts said.
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Softer gold values were also bearish for the Canadian dollar, though strength in copper and crude oil prices was supportive.
Traders were looking ahead to a slew of Canadian economic data that will be released next week, with industrial and raw materials data on Tuesday, trade figures on Thursday and employment data on Friday.
Canadian bonds were down slightly, following along with the US Treasury market. But, traders were reluctant to push the market down too far ahead of the weekend, brokers said.
The two-year bond yielded 1.075% late Friday, from 1.064% late Thursday. The 10-year bond yielded 2.444%, from
2.437%. Bond yields fall as their prices rise.
