By Commodity News Service Canada
WINNIPEG, July 13 – The Canadian dollar ended softer relative to the US dollar on Monday, reacting to falling crude oil values, analysts said.
The Canadian dollar closed at US$0.7849 or US$1=C$1.2740 on Friday, which compares with Thursday’s North American settlement of US$0.7887 or US$1=C$1.2679.
Traders were also shying away from riskier assets after news of a new deal between Greece and euro zone leaders that would keep Greece in the euro zone. The deal comes with a round of punishing austerity measures that Greece will have to comply with, and traders are nervous about whether or not they will actually apply them or be expelled from the euro zone.
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Worries that the Bank of Canada may make another interest rate cut during their policy rate meeting announcement on Wednesday, July 15, added to the bearish tone.
Canadian bonds were mixed on Monday, as traders evened positions ahead of Wednesday’s Bank of Canada announcement, brokers said.
The two-year bond yielded 0.469% on Monday, from 0.499% on Friday. The ten-year bond yield was at 1.674%, from 1.684%. Bond yields rise as their prices fall.
