By Commodity News Service Canada
WINNIPEG, June 4 – The Canadian dollar was weaker against the US dollar on Thursday, dropping below the key 80 cents US mark.
The Canadian dollar closed at US$0.7997 or US$1=C$1.2504 on Thursday, which compares with Wednesday’s North American settlement of US$0.8030 or US$1=C$1.2453.
Weakness in commodity prices, including crude oil and gold, spilled over to weigh on the Canadian dollar, analysts said.
Broad strength in the US dollar index and expectations that US employment data will be strong in a report Friday were also bearish. Pre-report guesses say 225,000 new jobs were created in the US last month, up from 223,000 new jobs in April.
Read Also
Canadian Financial Close: Loonie returns above 72 U.S. cents
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar on Friday finally turned around to close higher,…
Statistics Canada is also set to release Canadian jobs data on Friday. Industry watchers believe 10,000 new jobs were created in Canada in May. In April, the Canadian economy shed 19,700 jobs.
Canadian bonds were stronger Thursday, following gains in the US Treasury market, as it recovered from a sell-off seen earlier this week, traders said.
The two-year bond yielded 0.575% Thursday, from 0.607% late Wednesday. The 10-year bond yield was at 1.740%, from 1.778%. Bond yields fall as their prices rise.
