⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Canadian dollar dips to near one-week low as oil prices decline

Published 2019-07-18, 09:45 a/m
© Reuters.  Canadian dollar dips to near one-week low as oil prices decline
USD/CAD
-
CL
-
ADP
-
CA2YT=RR
-
CA10YT=RR
-

* Canadian dollar weakens 0.2% against the greenback

* Canadian home prices rise 0.8% in June from May

* Price of U.S. oil falls 0.3%

* Canada's 10-year yield hits a near two-week low at 1.505%

TORONTO, July 18 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Thursday, approaching the previous day's one-week low, as oil prices fell and domestic data showed a smaller than usual rise in June home prices.

Canadian home prices rose 0.8% in June from the prior month, thanks to a seasonal boost, but the increase was lower than the month's 21-year average, data showed. separate report from ADP (NASDAQ:ADP), a human resources solutions company, showed that Canada added 30,400 jobs in June, as hiring rebounded after a sharp decline in May. the price of oil, one of Canada's major exports, fell even as Iran said it had seized a foreign oil tanker in the Gulf. U.S. crude oil futures CLc1 were down 0.3% at $56.59 a barrel, 9:22 a.m. (1322 GMT), the Canadian dollar CAD=D4 was trading 0.2% lower at 1.3073 to the greenback, or 76.49 U.S. cents. The currency, which touched on Wednesday a one-week low at 1.3093, traded in a range of 1.3042 to 1.3075.

Still, the loonie has been the top performing G10 currency this year, rising 4.4% against the U.S. dollar. It has been boosted in recent weeks by expected divergence in interest rate decisions between the Bank of Canada and the Federal Reserve. BOCWATCH FEDWATCH

The Bank of Canada made clear last week it had no intention of easing monetary policy, while the Fed is expected to cut interest rates at the end of this month.

Canadian government bond prices were mixed across a steeper yield curve, with the two-year CA2YT=RR up 0.8 Canadian cents to yield 1.481% and the 10-year CA10YT=RR declining 9 Canadian cents to yield 1.537%.

Earlier in the session, the 10-year yield touched its lowest since July 5 at 1.505%.

Canada's retail sales report for May is due on Friday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.