* Canadian dollar weakens 0.3% against the greenback * Trades in a range of 1.3318 to 1.3398
*
Canadian dollar weakens 0.3% against the greenback
*
Trades in a range of 1.3318 to 1.3398
*
Canadian bond yields ease across curve
TORONTO, Nov 25 (Reuters) – The Canadian dollar weakened
against its U.S. counterpart on Friday, giving back its weekly
gain, as oil prices fell and the greenback gained ground against
a basket of major currencies.
The loonie was trading 0.3% lower at 1.3380 to the
greenback, or 74.74 U.S. cents, in a quiet session for North
American financial markets after the U.S. Thanksgiving holiday.
The currency moved in a range of 1.3318 to 1.3398. For the
week, it was nearly unchanged.
The U.S. dollar rose but remained near multi-month
lows as investors weighed prospects of the Federal Reserve
moderating the pace of its policy tightening.
The Bank of Canada has also been raising interest rates.
Canadian third-quarter GDP data and the November employment
report, due next week, could guide expectations for the pace of
additional tightening.
The price of oil, one of Canada’s major exports, settled
2.1% lower at $76.28 a barrel, closing a week marked by worries
about Chinese demand and haggling over a Western price cap on
Russian oil.
Canadian government bond yields edged lower across the
curve, tracking the move in U.S. Treasuries.
The 10-year was down nearly 1 basis point at
2.927% but held above the three-month low it touched intraday on
Thursday at 2.907%.
Canada recorded a C$1.72 billion ($1.29 billion) budget
surplus for the first six months of the 2022/23 fiscal year,
helped by higher tax revenues, the finance ministry said.
(Reporting by Fergal Smith; Editing by David Holmes and Josie
Kao)
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