By Commodity News Service Canada
WINNIPEG, June 24 – The Canadian dollar dropped against the US dollar along with the weaker crude oil market on Wednesday, analysts said.
Oil values were softer, reacting to a report that said inventories of refined products rose last week in the US.
The Canadian dollar closed at US$0.8065 or US$1=C$1.2400 on Wednesday, which compares with Tuesday’s North American settlement of US$0.8108 or US$1=C$1.2333.
Further downward pressure came from concerns about the Greek bailout, as officials in the eurozone said a new deal will be delayed because creditors and lawmakers in Greece can’t come to an agreement over the aid package details.
There was no significant Canadian economic data released on Wednesday. On Thursday, June 25, Statistics Canada will release payroll employment, earnings and hours figures for April 2015.
Canadian bonds moved higher on Wednesday, as traders flocked to safe-haven assets amid concerns about Greece’s economy, brokers said.
The two-year bond yielded 0.606% Wednesday, from 0.629% Tuesday. The 10-year bond yield was at 1.780%, from 1.830%. Bond yields rise as their prices fall.
