Canadian forex review: C$ ends slightly firmer

By Commodity News Service Canada

WINNIPEG, July 24 – The Canadian dollar ended slightly firmer against the US dollar on Friday, seeing a recovery off the day’s lows as traders squared positions ahead of the weekend.

The Canadian dollar closed at US$0.7672 or US$1=C$1.3035 on Friday, which compares with Thursday’s North American settlement of US$0.7669 or US$1=C$1.3039.

Strength in gold prices and sentiment that the Canadian currency market is looking oversold also contributed to the upward movement.

However, concerns about slow economic growth in parts of Europe, China and Canada limited the upside. Expectations that the US Federal Reserve will raise interest rates this fall were also overhanging the Canadian dollar.

Canadian bonds were trading higher on Friday, as traders invested in safe-haven assets amid worries about global economic problems, brokers said.