By Commodity News Service Canada
WINNIPEG, May 21 – The Canadian dollar closed slightly lower relative to the US dollar after a choppy trading session Thursday, as traders awaited fresh market moving news.
Traders were looking ahead to Friday, when Statistics Canada will release retail trade figures for March, and April consumer price index data.
The Canadian dollar closed at US$0.8191 or US$1=C$1.2208 on Thursday, which compares with Wednesday’s North American settlement of US$0.8199 or US$1=C$1.2196.
Weakness in some commodities, including gold, was bearish for the Canadian dollar, with ongoing worries about global economic problems also overhanging the currency.
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Though, strength in the crude oil market was supportive, as was Wednesday’s report that the US Federal Reserve won’t raise interest rates next month. Though, traders aren’t ruling out interest rate hikes in the US later this year.
Canadian bonds were stronger Thursday, taking some direction from the gains seen in the US Treasury market, brokers said.
The two-year bond yielded 0.670% Thursday, from 0.681% late Wednesday. The 10-year bond yield was at 1.750%, from 1.798%. Bond yields fall as their prices rise.
