By Commodity News Service Canada
WINNIPEG, May 6 – The Canadian dollar ended stronger relative to the US dollar on Wednesday, finding support from the advancing crude oil market, analysts said.
The Canadian dollar closed at US$0.8306 or US$1=C$1.2040 on Wednesday, which compares with Tuesday’s North American settlement of US$0.8284 or US$1=C$1.2072.
Disappointing US private sector jobs data was also bullish. Automatic Data Processing Inc. said 169,000 new jobs in the private sector were created last month, below expectations of 205,000 new jobs.
Though, ongoing worries about the US Federal Reserve raising interest rates, and the Bank of Canada cutting rates, were overhanging the market.
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The Canadian currency had little reaction to news that the NDP party won a majority government in Alberta Tuesday night, a traditionally PC province.
Traders were looking ahead to Friday’s potentially market moving labour data from both Canada and the US.
Canadian bonds were weaker on Wednesday, with a broad-based global bond sell-off continued to weigh on the market, brokers said.
The two-year bond yielded 0.698% on Wednesday, from 0.690% late Tuesday. The 10-year bond yield was at 1.826%, from 1.821%. Bond yields fall as their prices rise.
