By Commodity News Service Canada
WINNIPEG, March 31 – The Canadian dollar closed fractionally firmer compared to the US dollar on Monday, finding some support from strong Canadian economic data, analysts said.
According to Statistics Canada, Canada’s gross domestic product (GDP) increased by 0.5 per cent in January, beating expectations of 0.4 per cent.
However, spillover pressure from the weakness in commodity prices, including crude oil, gold and copper, tempered the Canadian dollar’s upside.
The Canadian dollar closed at US$0.9046 or US$1=C$1.1060 on Monday, which compares with Friday’s North American settlement of US$0.9042 or US$1=C$1.1060.
Canadian bonds were mixed, reacting to the better-than-expected Canadian economic growth data, according to participants.
The two-year bond yielded 1.070% late Monday, from 1.074% late Friday. The 10-year bond yielded 2.465%, from
2.447%. Bond yields fall as their prices rise.
