Canadian Forex Review: C$ strengthens

By Commodity News Service Canada

Winnipeg, December 23 – The Canadian dollar closed stronger against its
US counterpart on Monday, underpinned by favourable Canadian economic data,
participants said.
According to Statistics Canada, the gross domestic product grew by 0.3%
in October, beating expectations of a 0.2% increase.
StatsCan also reported that the average weekly earnings of non-farm
employees were up 0.5% in October to C$918.
However, losses seen in commodities, including gold, crude oil and
copper, limited any further gains.
The Canadian currency late in the afternoon was quoted at C$0.9423
(US$1.0612). This compares with Friday’s late North American quote of
C$0.9391 (US$1.0648).
Canadian bonds were lower during thin trading ahead of Christmas on
Monday, as investors moved away from fixed-income due to strong Canadian
economic data, analysts said.
Canada’s two-year bond yield is at 1.128% Monday, from 1.109% Friday,
according to electronic trading platform CanDeal. The 10-year bond yielded
2.685%, from 2.674%.