By Commodity News Service Canada
WINNIPEG, Nov. 6 – The Canadian dollar ended lower relative to the US dollar on Thursday, undermined by negative economic news out of Europe, analysts said.
The European Central Bank is reportedly preparing to implement further stimulus measures if the economy doesn’t start to show signs of better growth.
The Canadian dollar closed at US$0.8752 or US$1=C$1.1426 on Thursday, which compares with Wednesday’s North American settlement of US$0.8780 or US$1=C$1.1389.
Weakening oil prices also continued to weigh on the Canadian dollar, as it is a commodity-based currency, brokers noted.
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There was no significant Canadian economic data reported on Thursday. Traders were looking ahead to Friday’s employment data from Canada and the US. Pre-report estimates call for a loss of 8,000 jobs in Canada last month, and 228,000 new jobs in the US in October.
Canadian bonds closed lower on Thursday, as traders were shedding positions amid expectations of strong US employment data Friday morning, market watchers said.
The two-year bond yielded 1.028% late Thursday, from 1.005% late Wednesday. The 10-year bond yielded 2.085%, from 2.052%. Bond yields fall as their prices rise.
