Canadian forex review: C$ slightly weaker

By Commodity News Service Canada

WINNIPEG, July 26 – The Canadian dollar closed slightly lower against US counterpart on Friday amid positioning ahead of the weekend, analysts said.

The Canadian currency was quoted at US$0.9734, or US$1=C$1.0273 at the close on Friday, which compares with Thursday’s North American close of US$0.9743, or US$=C$1.0265.

Weakness in commodities, including crude oil and copper contributed to the losses experienced by the Canadian currency Friday.

Concerns about the Chinese economy, and worries that the country’s industrial sector will suffer from a recent overhaul, were also bearish.

Traders were looking ahead to next week when a slew of Canadian and US economic data will be released, and the US Federal Reserve will meet.

Canadian bonds closed higher on Friday, seeing a recovery following recent losses, market watchers said.

The two-year bond yielded 1.149% late Friday, from 1.154% late Thursday. The 10-year bond yielded 2.450%, from 2.464%. Bond yields fall as their prices rise.