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Canadian Forex/Bond Review: C$ Firms Behind Crude Prices

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By Commodity News Service Canada

Winnipeg, September 10 – The Canadian dollar eked out some minimal gains against its US counterpart Thursday, as surging oil prices lifted energy stocks higher.

At 4:00 CDT Thursday, the loonie was at US$0.7558 or US$1 = C$1.3231.

Crude oil rallied 3.6% to US$45.74 a barrel. The surge heightened immediately after the US government said crude production fell last week.

The loonie continues to trade in a narrow range as investors look ahead to the US Federal Reserve`s meeting next week.

Canadian bonds were virtually unchanged from the previous session.

Canada’s two-year bond yield was at 0.465% Thursday, up from 0.459% late Wednesday, according to electronic trading platform CanDeal. The 10-year bond yield was at 1.495%, up from 1.494%. Bond yields move inversely to prices.