By Commodity News Service Canada
WINNIPEG, Nov. 4 – The Canadian dollar moved closed firmer against the US dollar on Monday, finding continued support from last week’s positive Canadian gross domestic product data, analysts said.
The Canadian currency was quoted at US$0.9599 or US$1=C$1.0418 at the close on Monday, which compares with Friday’s North American settlement of US$0.9590 or US$=C$1.0427.
Spillover support from the strength seen in gold prices, one of Canada’s top export products, also helped to underpin the currency.
However, gains were limited by nervousness ahead of a slew of economic data from both Canada and the US this week. The US data will help determine when the US Federal Reserve will start backing out of stimulus programs.
Canadian bonds were up slightly as traders were being cautious ahead of the release of many Canadian and US economic data later this week, brokers noted.
The two-year bond yielded 1.117% late Monday, from 1.126% late Friday. The 10-year bond yielded 2.496%, from 2.499%. Bond yields fall as their prices rise.
