By Commodity News Service Canada
WINNIPEG, Nov. 28 – The Canadian dollar closed slightly firmer against the US dollar on Thursday amid quiet activity as US markets were closed for their Thanksgiving holiday.
The Canadian currency was quoted at US$0.9446 or US$1=C$1.0587 at the close on Thursday, which compares with Wednesday’s North American settlement of US$0.9438 or US$=C$1.0595.
The currency found some spillover support from the strength seen in gold and copper prices, according to industry participants.
However, weak crude oil prices and disappointing Canadian industrial production and trade data helped to limit the upside.
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Statistics Canada reported that the current trade deficit narrowed by C$0.5 billion to C$15.5 billion in the third-quarter of 2013, which was below expectations. It was also reported that Canada’s Industrial Product Price Index (IPPI) declined by 0.3% in October.
Traders were looking ahead to Friday’s release of Canadian gross domestic product (GDP) data from Statistics Canada.
Canadian bonds were higher amid quiet US Thanksgiving holiday trade on Thursday. Disappointing current trade account deficit data from Statistics Canada provided some support, brokers said.
The two-year bond yielded 1.091% late Thursday, from 1.099% late Wednesday. The 10-year bond yielded 2.538%, from 2.550%. Bond yields fall as their prices rise.
