By Commodity News Service Canada
WINNIPEG, July 25 – The Canadian dollar strengthened about half a cent against its US counterpart on Thursday, lifted by speculation that the US Federal Reserve will announce that it will continue its monetary stimulus programs following next week’s meeting, analysts said.
The Canadian currency was quoted at US$0.9723, or US$1=C$1.0285 at the close on Thursday, which compares with Wednesday’s North American close of US$0.9694, or US$=C$1.0316.
Strength in commodity prices, including crude oil, gold and copper, also spilled over to help underpin the value of the Canadian dollar.
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There was no Canadian economic data moving the currency on Thursday, and there are no economic releases scheduled until next week.
Canadian payroll employment data was released, but had little impact on the loonie. Statistics Canada said average weekly earnings of non-farm payroll employees increased 0.9% in May.
Canadian bonds closed mixed amid quiet activity, after being mostly lower for the majority of the trading session, participants said.
The two-year bond yielded 1.153% late Thursday, from 1.148% late Wednesday. The 10-year bond yielded 2.465%, from 2.478%. Bond yields fall as their prices rise.
