Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

Canadian dollar rises with oil; finance minister shows comfort with currency strength

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/13/2017 | 03:42pm CET
A Canadian dollar coin, commonly known as the

The Canadian dollar edged higher on Wednesday against its U.S. counterpart as oil prices rose and after Canada's finance minister indicated he could live with a more robust currency.

Finance Minister Bill Morneau told Reuters in an interview late on Tuesday that the recent rise of the currency reflected the country's economic strengths.

The Canadian dollar has rallied more than 13 percent against the U.S. greenback since early May and touched its strongest in more than two years on Friday.

Prices of oil, one of Canada's major exports, rose after the International Energy Agency (IEA) said the global oil surplus was starting to shrink due to robust demand and an output drop from major producers.

U.S. crude <CLc1> prices were up 0.87 percent at $48.65 a barrel.

At 9:17 a.m. ET (1317 GMT), the Canadian dollar <CAD=D4> was trading at C$1.2157 to the greenback, or 82.26 U.S. cents, up 0.2 percent.

The currency traded in a range of C$1.2131 to C$1.2186.

Gains for the loonie came as data showed that lending to Canadian small businesses climbed to the highest level in 1-1/2 years in July, pointing to a pickup in corporate spending that could help underpin recent economic strength.

Canada's economy has expanded at a rapid pace this year, prompting the Bank of Canada to raise interest rates in July and last week after sitting on the sidelines for nearly seven years.

The U.S. dollar <.DXY> firmed, with traders wary of taking new positions on the currency ahead of inflation data due on Thursday that will be closely watched by the Federal Reserve as it considers when to next raise rates.

Canadian government bond prices were lower across a steeper yield curve, with the two-year <CA2YT=RR> down 0.5 Canadian cent to yield 1.55 percent and the 10-year <CA10YT=RR> falling 13 Canadian cents to yield 2.059 percent.

The gap between the 10-year yield and its U.S. equivalent narrowed by 1.6 basis points to a spread of -11.2 basis points. It was as wide as -84.0 basis points near the end of May.

Canada's new housing price index for July is due on Thursday and August home sales data is awaited on Friday.

(Reporting by Fergal Smith; Editing by Meredith Mazzilli)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
12:19a UPDATE 10 : Unified command continues recovery after barge breakaways on Ohio River
12:19a Fine print in Trump solar tariff holds some good news for Tesla
12:14a NEW STUDY : Withdrawal from NAFTA Would Jeopardize American Jobs and Hurt U.S. Economy
12:09a PORT OF LONG BEACH : Board Approves Rail Facility Project
12:05a Q&A - Winners, losers of Trump's solar panel tariff
12:04a ISSA WORLDWIDE CLEANING INDUSTRY ASSOCIATION : P&G Increases 2nd-Quarter Revenue
01/23 Senate Confirms Jerome Powell as Federal Reserve Chairman
01/23 ECOSOC UNITED NATIONS ECONOMIC AND SOCIAL COUNCI : United Nations Ceremony to Mark International Day in Memory of Holocaust Victims, at United Nations Headquarters, 31 January
01/23 Manufacturers Fight Over New Tariffs' Effect on U.S. Jobs -- Update
01/23 NAFTA negotiators open key round of talks amid upbeat signs
Latest news "Economy & Forex"
Advertisement