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Canadian forex review: C$ closes down slightly

| 1 min read

By Commodity News Service Canada

WINNIPEG, Feb. 25 – The Canadian dollar moved down slightly against the US dollar on Tuesday, as weakness in crude oil values spilled over to weigh on the currency, analysts said.

The Canadian dollar closed at US$0.9020 or US$1=C$1.1086 on Tuesday, which compares with Monday’s North American settlement of US$0.9036 or US$=C$1.1067.

Some liquidation of positions ahead of Friday’s Canadian gross domestic product data from Statistics Canada was also bearish for the loonie.

Traders were also looking ahead to Thursday’s current account data for the fourth quarter, market watchers added.

Canadian bonds were higher on Tuesday, following the advances seen in the US Treasury market after disappointing US consumer-confidence data was released, brokers said.

The two-year bond yielded 1.023% late Friday, from 1.028% late Monday. The 10-year bond yielded 2.482%, from 2.522%. Bond yields fall as their prices rise.