🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Canadian dollar climbs to 5-month high ahead of GDP data

Published 2019-06-28, 08:21 a/m
© Reuters.  Canadian dollar climbs to 5-month high ahead of GDP data
USD/CAD
-
CL
-
CA2YT=RR
-
CA10YT=RR
-

* Canadian dollar rises 0.1% against the greenback

* Price of U.S. oil increases 0.2%

* Canadian bond prices dip across the yield curve

TORONTO, June 28 (Reuters) - The Canadian dollar strengthened to a near five-month high against the greenback on Friday but the move was small ahead of domestic data that could help guide expectations for Bank of Canada interest rate decisions.

At 8:07 a.m. (1207 GMT), the Canadian dollar CAD=D4 was trading 0.1% higher at 1.3086 to the greenback, or 76.42 U.S. cents. The currency, which has been boosted over the last week by the prospect of Federal Reserve interest rate cuts, touched its strongest intraday level since Feb. 1 at 1.3085.

For the month, the loonie is on track to rise 3.3%.

A Reuters poll showed that economists expect gross domestic product, due for release at 8:30 a.m. (1230 GMT) to rise 0.1% in April after climbing 0.5% in the prior month. The Bank of Canada has pointed to evidence that Canada's economy is recovering after a slow down around the turn of the year.

World shares were steady as uncertainty ahead of a meeting on trade between U.S. President Donald Trump and Chinese President Xi Jinping deterred traders from making bold directional bets. is a major exporter of commodities, including oil, so its economy could benefit from reduced uncertainty for global trade. U.S. crude oil futures CLc1 were up 0.2% at $59.56 a barrel. government bond prices edged lower across the yield curve in sympathy with U.S. Treasuries. The two-year CA2YT=RR fell 1.5 Canadian cents to yield 1.463% and the 10-year CA10YT=RR was down 2 Canadian cents to yield 1.476%.

On Thursday, the 10-year yield touched its highest intraday in more than two weeks at 1.522%.

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.