By Commodity News Service Canada
WINNIPEG, March 25 – The Canadian dollar was slightly lower relative to the US dollar Wednesday, as traders took profits on recent gains amid a lack of fresh market moving news, analysts said.
The Canadian dollar closed at US$0.7989 or US$1=C$1.2517 on Wednesday, which compares with Tuesday’s North American settlement of US$0.7999 or US$1=C$1.2501.
Ongoing worries about slow economic growth in Canada were also bearish, though a rebound in crude oil values underpinned the loonie.
No significant Canadian economic data is set for release this week, so traders were looking forward to comments from the Bank of Canada Wednesday afternoon. But, the speech didn’t provide any insight into Canada’s economic outlook.
Canadian bonds ended lower on Wednesday, following the weakness seen in the US Treasury market, participants said.
The two-year bond yielded 0.493% Wednesday, from 0.465% late Tuesday. The 10-year bond yielded 1.332%, from 1.302%. Bond yields rise as their prices fall.
