By Commodity News Service Canada
WINNIPEG, Nov. 20 – The Canadian dollar closed higher against the US dollar on Wednesday, lifted by the US Federal Reserve’s announcement that they are waiting for more strong US economic data before easing out of stimulus programs, analysts said.
The Canadian currency was quoted at US$0.9572 or US$1=C$1.0447 at the close on Wednesday, which compares with Tuesday’s North American settlement of US$0.9550 or US$=C$1.0471.
Positive Canadian retail sales data was also supportive. Statistics Canada reported that retail sales rose for the third month in a row in September. Sales were up by 0.2% to C$49.8 billion, StatsCan said.
However, spillover pressure from the weakness seen in commodities, including crude oil, gold and copper, limited the loonie’s advances.
Canadian bonds were mixed on Wednesday. The two-year bond yielded 1.118% late Wednesday, from 1.126% late Tuesday. The 10-year bond yielded 2.624%, from 2.564%. Bond yields fall as their prices rise.
