Canadian Forex/Bond Review: C$ up with crude oil

By Commodity News Service Canada

Winnipeg, August 27 – The Canadian dollar was stronger on Thursday, as a rally in crude oil helped underpin the energy-linked currency.
The Canadian currency late in the afternoon was quoted at US$0.7565 or US$1=C$1.3218. This compares with Wednesday’s North American close of US$0.7506, or US$=C$1.3322.
Crude oil was up by 10% on Thursday, as equity markets around the world also showed some improvement as the latest concerns over China’s economy subsided.
In domestic data, average weekly earnings of Canadian non-farm payroll employees rose 1.9% in June, compared to the same time-period a year ago, according to Statistics Canada.
Canadian bonds were weaker after a choppy day, as investors moved away from bonds and back towards some of the more risky assets.