By Commodity News Service Canada
WINNIPEG, April 30 – The Canadian dollar closed slightly lower relative to the US dollar Wednesday, undermined by profit taking at the highs of the day, analysts said.
The Canadian dollar did move higher earlier in the trading session, lifted by disappointing US economic data.
The Canadian dollar closed at US$0.9124 or US$1=C$1.0960 on Wednesday, which compares with Tuesday’s North American settlement of US$0.9132 or US$1=C$1.0951.
Some of the weakness was also linked to spillover pressure from the losses seen in commodity prices, including crude oil, gold and copper.
Canadian bonds moved higher in reaction to disappointing economic growth data from the US on Wednesday, market watchers said.
The two-year bond yielded 1.063% late Wednesday, from 1.083% late Tuesday. The 10-year bond yielded 2.406%, from 2.440%. Bond yields fall as their prices rise.
