📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

Canadian dollar firms with oil, adding to gains after jobs boost

Published 2019-03-11, 10:13 a/m
© Reuters.  Canadian dollar firms with oil, adding to gains after jobs boost
USD/CAD
-
CL
-
CA2YT=RR
-
CA10YT=RR
-

* Canadian dollar rises 0.1 percent against the greenback

* Price of U.S. oil rises 1.4 percent

* Canadian bond prices trade mixed across a flatter yield curve

TORONTO, March 11 (Reuters) - The Canadian dollar edged higher against its U.S. counterpart on Monday as oil prices rose, with the currency adding to its advance after domestic data on Friday showed a bumper jobs gain in February.

The price of oil, one of Canada's major exports, was boosted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity. U.S. crude oil futures CLc1 rose 1.4 percent to $56.84 a barrel. employment data revealed the third month of outsized job gains in the last four and, for the first time since 2012, total Canadian job gains beat U.S. employment growth. of a Bank of Canada interest rate cut this year steadied on Monday at less than 20 percent, the overnight index swaps market indicated. Before the jobs data, they were nearly 40 percent due to a more dovish tone last week from the Bank of Canada. BOCWATCH

At 9:56 a.m. (1356 GMT), the Canadian dollar CAD=D4 was trading 0.1 percent higher at 1.3403 to the greenback, or 74.61 U.S. cents.

The currency, which on Thursday touched its weakest intraday level in more than two months at 1.3467, traded in a range of 1.3404 to 1.3440.

The modest gain for the loonie came as U.S. data showed retail sales unexpectedly rose in January but receipts in December were much weaker than initially thought. have raised their bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission and Reuters calculations showed on Friday. As of March 5, net short positions had increased to 40,444 contracts from 39,177 in the prior week.

Canadian government bond prices were mixed across a flatter yield curve, with the two-year CA2YT=RR flat to yield 1.653 percent and the benchmark 10-year CA10YT=RR rising 10 Canadian cents to yield 1.753 percent.

On Friday, the 10-year yield touched its weakest intraday since June 2017 at 1.732 percent.

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.