U.S. Markets closed
  • S&P 500

    4,395.64
    +41.45 (+0.95%)
     
  • Dow 30

    34,258.32
    +338.48 (+1.00%)
     
  • Nasdaq

    14,896.85
    +150.45 (+1.02%)
     
  • Russell 2000

    2,218.56
    +32.38 (+1.48%)
     
  • Gold

    1,768.40
    -9.80 (-0.55%)
     
  • Silver

    23.03
    +0.46 (+2.05%)
     
  • EUR/USD

    1.1696
    -0.0034 (-0.2924%)
     
  • 10-Yr Bond

    1.3360
    +0.0120 (+0.91%)
     
  • Vix

    20.87
    -3.49 (-14.33%)
     
  • GBP/USD

    1.3619
    -0.0045 (-0.3282%)
     
  • USD/JPY

    109.7800
    +0.5600 (+0.5127%)
     
  • BTC-USD

    42,092.66
    -763.80 (-1.78%)
     
  • CMC Crypto 200

    1,089.55
    +49.07 (+4.72%)
     
  • FTSE 100

    7,083.37
    +102.39 (+1.47%)
     
  • Nikkei 225

    29,639.40
    -200.31 (-0.67%)
     

CANADA FX DEBT-Canadian dollar pares weekly gain as greenback selling eases

·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Adds strategist quotes and details on activity; updates prices) * Canadian dollar weakens 0.3% against the greenback * For the week, the loonie gains 0.6% * Flash estimate shows Canada's economy expanding 0.7% in June * Canadian bond yields were mixed across the curve By Fergal Smith TORONTO, July 30 (Reuters) - The Canadian dollar fell against its broadly stronger U.S. counterpart on Friday but held on to much of this week's gains as oil prices rose and a preliminary estimate showed Canada's economy rebounding in June. The loonie was trading 0.3% lower at 1.2484 to the greenback, or 80.10 U.S. cents, after trading in a range of 1.2423 to 1.2492. For the week, it was up 0.6% after also gaining in the previous week. It was down 0.7% in July. The U.S. dollar rose as upbeat economic data helped reverse some of the losses from earlier this week when dovish remarks by the Federal Reserve scuttled a month-long rally in the U.S. currency. "You had pretty substantial dollar selling over the course of the week," said Erik Nelson, a currency strategist at Wells Fargo in New York. "I think the thought is, there's still risk of a hawkish FOMC (Federal Open Market Committee)," Nelson added. "The market doesn't want to get too short (of) dollars here." The Canadian economy most likely expanded by 0.7% in June as businesses reopened after shutdowns imposed to help fight the coronavirus pandemic, Statistics Canada said. The economy shrank by 0.3% in May, matching a forecast by analysts. Canada's employment report for July is due next Friday which could help guide expectations for the Bank of Canada policy outlook. The price of oil , one of Canada's major exports, settled 0.5% higher at $73.95 a barrel, with demand growing faster than supply and vaccinations expected to alleviate the impact of a resurgence in COVID-19 infections across the globe. Canadian government bond yields were mixed across the curve, with the market closing early ahead of the Civic Holiday on Monday. The 10-year yields was little changed at 1.203%. (Reporting by Fergal Smith; editing by Emelia Sithole-Matarise and Sandra Maler)