By Commodity News Service Canada
WINNIPEG, May 14 – The Canadian dollar ended weaker against the US dollar Thursday, as crude oil values moved lower, analysts said.
The Canadian dollar closed at US$0.8334 or US$1=C$1.1999 on Thursday, which compares with Wednesday’s North American settlement of US$0.8356 or US$1=C$1.1967.
Profit taking on recent gains and ongoing worries about slow economic growth in Canada leading to further interest rate cuts were also bearish.
The Canadian dollar was also undermined by positive US employment data, as US jobless claims dropped by 1,000 during the week ended May 9.
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Canadian housing data was disappointing Thursday. Statistics Canada said the New Housing Price Index was unchanged in March, slightly below expectations of a 0.1 per cent jump.
Though, recent weakness in other US data was limiting the downside, as it reduced expectations that the US Federal Reserve will raise interest rates.
Canadian bonds were higher, following the gains seen in the US Treasury market, according to brokers.
The two-year bond yielded 0.672% late Thursday, from 0.695% late Wednesday. The 10-year bond yield was at 1.804%, from 1.831%. Bond yields fall as their prices rise.
