Tag: climbs

CANADA FX DEBT-Canadian dollar pares weekly gain as U.S. political uncertainty climbs

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(Adds economist comments and details throughout; updates
prices)

* Canadian dollar falls 0.2% against the greenback

* Price of U.S. oil settles 4.3% lower

* The loonie gains 0.6% for the week

* Canadian bond yields trade mixed across a steeper curve

By Fergal Smith

TORONTO, Oct 2 (Reuters) – The Canadian dollar weakened
against the greenback on Friday as U.S. political uncertainty
pressured Wall Street and oil prices, but the loonie still
gained ground on the week, overcoming a rise in domestic
coronavirus cases.

The loonie was trading 0.2% lower at 1.3309 to the
greenback, or 75.14 U.S. cents, having traded in a range of
1.3277 to 1.3330. For the week, the loonie was up 0.6%.

The rising number of COVID 19 cases in Canada hampered the
loonie earlier this week but the currency has benefited from a
pull back in the U.S. dollar, said Hendrix Vachon, a senior

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ESCP Business School climbs to 4th worldwide for its Master in Business Analytics

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Canadian dollar climbs to near one-week high on dovish Fed

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FILE PHOTO: A Canadian dollar coin, commonly known as the “Loonie”, is pictured in this illustration picture taken in Toronto January 23, 2015. REUTERS/Mark Blinch

TORONTO (Reuters) – The Canadian dollar rose to its strongest level in nearly one week against the greenback on Wednesday, before giving up some of its gains, bolstered by higher oil prices and the Federal Reserve’s promise to keep interest rates pinned near zero.

The Fed released new economic projections which showed interest rates on hold through at least 2023, with inflation never breaching 2% over that time.

“The message is dovish, dovish, dovish,” said Michael Goshko, corporate risk manager at Western Union Business Solutions. “The Fed’s emphasis on U.S. interest rates being low for longer … might just give the green light to Canadian dollar bulls.”

The price of oil, one of Canada’s major exports, jumped following a drawdown in U.S. crude and gasoline

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