By Commodity News Service Canada
WINNIPEG, April 27 – The Canadian dollar ended higher against its US counterpart Monday, with much of the buying technical in nature, according to analysts.
The Canadian dollar closed at US$0.8264 or US$1=C$1.2101 on Monday, which compares with Friday’s North American settlement of US$0.8217 or US$1=C$1.2170.
Further spillover support for the Canadian dollar came from the strength seen in commodity prices, including gold. Though, a slightly softer tone in crude oil late in the day was bearish.
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Expectations that Canada’s economy will rebound later in the year were bullish. Though, Bank of Canada officials anticipate economic data will be weak for the first quarter of 2015.
There was no significant Canadian economic data released Monday. Traders were looking ahead to February gross domestic product data, to be released by Statistics Canada on Thursday. StatsCan will also release 2014 gross domestic product figures for the provinces and territories on Tuesday.
Canadian bonds ended lower on Monday, after a day of quiet and choppy activity. Early weakness in the US Treasury market was bearish, though the US bonds recovered later in the day, brokers said.
The two-year bond yielded 0.646% Monday, from late 0.632% Friday. The 10-year bond yield was at 1.458%, from 1.441%. Bond yields fall as their prices rise.
