Canadian forex review: C$ unchanged ahead of the weekend

By Commodity News Service Canada

WINNIPEG, Oct. 24 – The Canadian dollar was unchanged relative to the US dollar on Friday, as traders were being cautious ahead of the weekend and next week’s interest rate announcement from the US Federal Reserve, analysts said.

The Canadian dollar closed at US$0.8902 or US$1=C$1.1233 on Friday, which compares with Thursday’s North American settlement of US$0.8902 or US$1=C$1.1233.

Traders were also waiting for fresh economic news before making any big moves. Next week, gross domestic product data will be released for both Canada and the US, and should give the currency some direction.

Activity was on the quieter side due to concerns about the Ebola virus moving into New York City. A doctor who returned from treating Ebola patients in West Africa last week is being treated for the virus at Manhattan’s Bellevue Hospital, reports say.

Canadian bonds were also little changed amid quiet activity on Friday, as traders were waiting for fresh news before making any big moves, market watchers said.

The two-year bond yielded 1.004% late Friday, from 1.006% late Thursday. The 10-year bond yielded 2.006%, from 2.004%. Bond yields fall as their prices rise.