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CANADA FX DEBT-Canadian dollar moves to extend weekly win streak as oil rebounds

ForexMay 14, 2021 09:48
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* Canadian dollar strengthens 0.6% against the greenback

* March factory sales rise 3.5%; wholesale trade up 2.8%

* Price of U.S. oil rises 1.2%

* Canadian bond yields ease across much of a flatter curve

TORONTO, May 14 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Friday and was on track for its seventh straight weekly gain as oil prices rose and domestic data added to evidence of robust economic growth in the first quarter.

Canadian factory sales rose 3.5% in March from February, led by the motor vehicle, petroleum and coal, and food product industries, while wholesale trade was up 2.8%, Statistics Canada said. price of oil, one of Canada's major exports, reversed some of the previous day's sharp losses as stock markets strengthened, though gains were capped by the coronavirus situation in major oil consumer India and the restart of a fuel pipeline in the United States. crude CLc1 prices rose 1.2% to $64.61 a barrel, while the Canadian dollar CAD= was trading 0.6% higher at 1.2093 to the greenback, or 82.69 U.S. cents, moving back in reach of Wednesday's 6-year peak at 1.2042.

For the week, the loonie was on track to gain 0.3%. It has climbed more than 5% since the start of the year, the biggest gain among G10 currencies, supported by surging commodity prices and a shift last month to a more hawkish stance by the Bank of Canada.

Still, BoC Governor Tiff Macklem said on Thursday if the currency continues to rise, it could create headwinds for exports and business investment as well as affecting monetary policy. U.S. dollar .DXY fell against a basket of major currencies, pressured by a recovery in risk appetite across markets after Federal Reserve officials helped calm concerns about a quick policy tightening in response to accelerating U.S. inflation. government bond yields were lower across much of a flatter curve, with the 10-year CA10YT=RR down 2 basis points at 1.549%. On Thursday, it touched its highest intraday in eight weeks at 1.624%.

CANADA FX DEBT-Canadian dollar moves to extend weekly win streak as oil rebounds
 

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