By Commodity News Service Canada
WINNIPEG, August 5 – The Canadian dollar ended fractionally weaker against the US dollar on Wednesday, undermined by softness in crude oil values, analysts said.
The Canadian dollar closed at US$0.7583 or US$1=C$1.3188 on Friday, which compares with Tuesday’s North American settlement of US$0.7587 or US$1=C$1.3180.
Ongoing expectations that the US Federal Reserve will raise interest rates later this year were also overhanging the Canadian currency.
Though, disappointing US jobs data from the private sector limited the downside, as did positive export data from Statistics Canada.
StatsCan said Canadian exports increased 6.3 per in June, while imports declined 0.6 per cent. As a result, Canada’s trade deficit with the world narrowed to C$476 million, from C$3.4 billion in May.
Canadian bonds were lower Wednesday, reacting to the strong Canadian trade and export figures released by StatsCan, brokers said.
The two-year bond yielded 0.435% on Wednesday, from 0.408% on Tuesday. The ten-year bond yield was at 1.461%, from 1.428%. Bond yields rise as their prices fall.
