By Commodity News Service Canada
WINNIPEG, April 28 – The Canadian dollar closed firmer relative to the US dollar on Monday, lifted by technical based buying, analysts said.
The Canadian dollar closed at US$0.9070 or US$1=C$1.1025 on Monday, which compares with Friday’s North American settlement of US$0.9061 or US$1=C$1.1036.
Spillover support from the gains seen in crude oil values was also bullish for the loonie, though weaker gold prices limited the upside.
The Canadian dollar’s movement was stuck in a range during the day due to cautiousness ahead of the release of key economic data this week. The US Federal Reserve makes a rate decision on Wednesday, while US and Canadian employment data for April will be released on Friday.
Canadian bonds moved lower in sympathy with the US Treasury market on Monday, industry watchers said.
The two-year bond yielded 1.076% late Monday, from 1.063% late Friday. The 10-year bond yielded 2.446%, from 2.408%. Bond yields fall as their prices rise.
