Header

The Canadian dollar saggedagainst the U.S. currency on Monday as oil and equity prices
fell and investors took a breather after the unit notched its 11th straight higher close last week.
mar 15 money.jpg 
 
 The Canadian currency climbed in the overnight session,
peaking at C$1.0165 to the U.S. dollar, or 98.38 U.S. cents,
but by 8:37 a.m. (1237 GMT), it retreated slightly to C$1.0189
to the U.S. dollar, or 98.15 U.S., from Friday's close at
C$1.0183 to the U.S. dollar, or 98.20 U.S. cents.

 The Canadian currency sagged as risk appetite waned. Oil
prices, a key Canadian export, dropped below $81 a barrel and
U.S. stock index futures fell amid ongoing China monetary
policy concerns. [O/R] [.N]

 "We've been grinding one way. Today ..., instead of a day
where the Canadian dollar appreciates, maybe it's a day when it
trades sideways," said Steve Butler, director of foreign
exchange trading at Scotia Capital

 Still, Butler said the broader outlook for the Canadian
currency was positive.

  "I think the market is getting very comfortable long
Canada," he said.

 "The fundamentals in Canada look relatively strong with the
decent data on Friday. When you compare us to the States, the
U.K., the euro zone, the story in Canada looks better."

 On Friday, the Canadian dollar advanced against the U.S.
currency for an 11th straight session, hitting a 20-month high,
after firmer-than-expected Canadian employment data provided
more evidence the economy is healing. [CAD/] [ID:nN12154904]

 Bond prices were firmer on Monday following moves in the
bigger U.S. Treasuries market where prices rose against a
backdrop of weaker stock markets. [US/]

 The two-year government bond CA2YT=RR ticked 1 Canadian
cent higher to C$99.85 to yield 1.578 percent, while the
30-year bond CA30YT=RR was up 5 Canadian cents at C$114.85 to
yield 4.090 percent.

Source: Reuters 

DiscoverWeyburn.com is Weyburn's only source for community news and information such as weather and classifieds.

Login