By Commodity News Service Canada
Winnipeg, April 24 (CNS Canada) – The Canadian dollar was little
changed against its U.S. counterpart on Tuesday morning, as higher
oil prices helped steady the commodity-backed currency. The loonie
has been in free-fall over the past 10 days, losing over two percent
of its value since comments from the Bank of Canada suggested further
interest hikes could be on the way.
The U.S. dollar climbed against a basket of other currencies
due to a sudden rise in U.S. bond yields. The yield on the 10-year
Treasury note rose nearly three per cent at Monday’s close, which
is its highest mark in over three years.
At 9:15 CDT Tuesday morning the Canadian dollar was at US$0.7797
or C$1.2825 which compares with Monday’s North American close of
US$0.7792 or C$1.2833.
Gains in gold, crude oil, silver and natural gas were bullish
for the loonie.
At 9:15 CDT Tuesday morning, the TSX was up 6.41 points, or
0.04%, at 15,558.47.
