By Commodity News Service Canada
Winnipeg, April 24 – The Canadian dollar ended the week lower against the US dollar, as slowing oil prices weighed down the currency, analysts said.
At 4:00 CDT Tuesday, the loonie was at US$0.8212 or US$1 = C$1.2177 as the Canadian dollar tracked oil amid a lack of domestic data.
As oil production ramped up in Russia, Norway and Saudi Arabia crude prices began to trend lower.
U.S. durable good orders rose 4% in March, but spending on equipment and machinery outside the volatile transportation sector was weak, suggesting less likelihood of higher rates in the short term, a report said.
Investors have already begun to look ahead to next week’s Federal Open Market Committee meeting, according to the report.
Canadian bonds ended higher following soft US data, said analysts. Canada’s two-year bond yield was at 0.632% per cent, in comparison with 0.652 per cent on Thursday. The 10-year bond yielded 1.437 per cent from 1.473 per cent.
