By Commodity News Service Canada
WINNIPEG, April 2 – The Canadian dollar finished with little change relative to the US dollar on Wednesday, as traders were being cautious ahead of the release of key data later this week.
On Thursday, Statistics Canada will release Canadian trade data for February, while employment data from both Canada and the US will be released.
The Canadian dollar closed at US$0.9062 or US$1=C$1.1035 on Wednesday, which compares with Tuesday’s North American settlement of US$0.9065 or US$1=C$1.1032.
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The Canadian dollar also retreated from earlier gains after hitting upside resistance, analysts said. Positive employment data from the US private sector was also bearish.
Gains seen in gold prices were supportive for the Canadian dollar, while weakness in crude oil values spilled over to weigh on the currency.
Canadian bonds were lower, following the declines seen in the US Treasury market after the release of strong jobs data from the US private sector, analysts said.
The two-year bond yielded 1.097% late Wednesday, from 1.076% late Tuesday. The 10-year bond yielded 2.550%, from
2.498%. Bond yields fall as their prices rise.
