By Commodity News Service Canada
WINNIPEG, Feb. 13 – The Canadian dollar closed stronger on Friday, as traders evened positions ahead of the long weekend. Both Canadian and US markets will be closed on Monday.
The Canadian dollar closed at US$0.8025 or US$1=C$1.2461 on Friday, which compares with Thursday’s North American settlement of US$0.8006 or US$1=C$1.2490.
Positive Canadian manufacturing data helped to lift the Canadian dollar. Statistics Canada said manufacturing sales rose 1.7 per cent in December, while pre-report expectations called for a 0.5 per cent gain.
Read Also
Canadian Financial Close: Loonie, TSX on the rise
Glacier FarmMedia — The Canadian dollar gained some ground on Wednesday. The loonie closed at US$0.7275 or US$1=C$1.3746, compared to…
Strength in commodities, including crude oil and gold, further underpinned values, as did optimism that Greece and eurozone creditors will be able to reach an agreement.
Signs that economic conditions are improving in Europe, as German data showed positive economic growth figures, added to the bullish tone.
However, ongoing worries about the Bank of Canada possibly making another interest rate cut if economic growth struggles, limited the upside.
Canadian bonds ended lower after a shortened trading session on Friday, with positive Canadian manufacturing data behind the weakness, brokers said.
The two-year bond yielded 0.430% Friday, from 0.420% late Thursday. The 10-year bond yielded 1.433%, from 1.396%. Bond yields fall as their prices rise.
