By Commodity News Service Canada
Winnipeg, September 24 – The Canadian dollar ended little changed relative to its US counterpart Thursday. The loonie had sunk to an 11-year low against the US dollar, but managed to re-trace its steps before close.
At 4:00 CDT Thursday, the loonie was at US$0.7513 or US$1 = C$1.3310.
The Canadian dollar plummeted after Norway cut interest rates, which sent traders scrambling toward the safety of the US dollar.
However, as the day progressed traders began to buy back cheaper Canadian dollars.
On the commodity markets the November crude contract in New York rose US$0.62 to US$45.10 a barrel. The December gold contract jumped US$20.50 to US$1,152.00 an ounce.
Canadian bonds closed higher in sympathy with US Treasurys.
Canada’s two-year bond yield was at 0.511% on Thursday, down from 0.523% late Wednesday, according to electronic trading platform CanDeal. The 10-year bond yield was at 1.466%, down from 1.490%. Bond yields move inversely to prices.
