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

Canadian dollar edges lower after surprise drop in factory sales

Published 2019-12-17, 09:30 a/m
© Reuters.  Canadian dollar edges lower after surprise drop in factory sales
USD/CAD
-
CL
-
CA10YT=RR
-

* Canadian dollar dips 0.1% against the greenback

* Canadian factory sales decline 0.7% in October

* Price of U.S. oil rises 0.5%

* Canadian bond prices were little changed across the yield curve

TORONTO, Dec 17 (Reuters) - The Canadian dollar weakened slightly against the greenback on Tuesday, extending its pullback from a near seven-week high the day before, as worries about Brexit resurfaced and domestic data showed a surprise decline in manufacturing shipments.

European stocks skidded off record highs on news that

British Prime Minister Boris Johnson will use the prospect of a Brexit cliff-edge at the end of 2020 to demand the European Union gives him a comprehensive free trade deal in less than 11 months. runs a current account deficit and exports many commodities, including oil, so its economy could be hurt by a slowdown in the global flow of trade or capital.

Canadian factory sales decreased by 0.7% in October from September as the United Auto Workers strike in the United States weighed on transportation equipment sales, Statistics Canada said. Analysts had forecast no change. inflation report for November is due on Wednesday, which could help guide expectations for the Bank of Canada interest rate outlook.

At 9:02 a.m. (1402 GMT), the Canadian dollar CAD=D4 was trading 0.1% lower at 1.3173 to the greenback, or 75.91 U.S. cents. The currency traded in a range of 1.3155 to 1.3185.

On Monday, the loonie notched its strongest intraday level since Oct. 30 at 1.3115 after a trade deal between the United States and China.

Hopes that the U.S.-China trade deal will bolster oil demand in 2020 and the prospect of lower U.S. crude supplies supported the price of oil, one of Canada's major exports. U.S. crude oil futures CLc1 were up 0.5% at $60.50 a barrel on Tuesday. government bond prices were little changed across the yield maturity curve, with the 10-year CA10YT=RR rising 3 Canadian cents to yield 1.630%. On Friday, the 10-year yield touched its highest intraday level in nearly seven months at 1.695%.

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.