By Commodity News Service Canada
Winnipeg – March 11/13 – CNS – The Canadian dollar was
trading at a slightly firmer level versus the US currency in late
North American activity on Monday. Some of the upswing in the
value of the Canadian dollar came amid ideas that the Canadian
economy was showing signs of improvement, market watchers said.
The Canadian currency late in the afternoon was quoted at
C$1.0257 (97.49 US cents). This compares with Friday’s late North
American quote of C$1.0291 (97.17 US cents).
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Much of the optimism was linked to the release of positive
jobs data in Canada, which was released by Statistics Canada on
Friday.
The jobs data showed that the Canadian economy added
considerably more jobs than expected for the month of February,
sparking hopes for stronger economic growth prospects, analysts
said.
There were no significant economic indicators released in or
Canada on Monday, and none on the calendar for Tuesday.
Some minor strength in the Canadian currency also came from
the advances seen in global crude oil and the North american
equity sector, brokers said.
Canadian bond issues were mixed along the yield curve on
Monday with the short-term rates up and the longer-dated issues
down.
Canada’s two-year bond yield was at 0.982% late Monday, from
0.987% late Friday. The 10-year bond yielded 1.942%, from 1.937%.
Bond yields move inversely to bond prices.
Canada’s safe-haven bond market saw a sharp selloff and an
improvement in bond yields on Friday, as better-than-forecast
employment growth in the US and Canada suggested stronger
economic growth prospects.
Trading was quiet, with many market participants taking
vacations to coincide with Ontario schools’ March break recess.
END
