Canadian forex review: C$ eases slightly

By Commodity News Service Canada

WINNIPEG, August 12 – The Canadian dollar eased slightly against its US counterpart on Monday, amid a lack of fresh market moving news, analysts said.

The Canadian currency was quoted at US$0.9706, or US$1=C$1.0303 at the close on Monday, which compares with Friday’s North American close of US$0.9714, or US$=C$1.0294.

Some of the selling of the Canadian dollar was technical in nature, as the currency wasn’t able to move above a key technical level, market watchers said.

However, spill over support from the advances seen in commodities, including crude oil, gold and copper, helped to limit the downside.

There was no significant Canadian economic data moving the Canadian dollar on Monday. Traders were looking ahead to later in the week when manufacturing, real estate and international trade reports will be released.

Canadian bonds moved slightly lower, following the US Treasurys market, brokers said.

The two-year bond yielded 1.140% late Monday, from 1.135% late Friday. The 10-year bond yielded 2.518%, from 2.480%. Bond yields fall as their prices rise.