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Markets

C$ sticks to narrow range as investors weigh trade optimism

Canada is a major exporter of commodities, so its economy could benefit from an improved outlook for global trade.
04 Nov 2019
  • Canada is a major exporter of commodities, so its economy could benefit from an improved outlook for global trade.
  • US crude oil futures were up 1.5% to $57.02 a barrel, boosted by flagging OPEC discussions of a deeper output cut next month as well as growing expectations of a US-China trade deal.
  • Canadian government bond prices were lower across a steeper yield curve in sympathy with US Treasuries.

TORONTO: The Canadian dollar edged lower against its US counterpart on Monday, keeping to a narrow trading range ahead of influential domestic data this week as stock markets were buoyed by prospects of a trade deal between the United States and China.

At 9:47 a.m. (1447 GMT), the Canadian dollar was trading 0.1% lower at 1.3150 to the greenback, or 76.05 US cents. The currency, which fell 0.6% last week, traded in a narrow range of 1.3130 to 1.3160.

Shares on Wall Street rose to a record high after US Commerce Secretary Wilbur Ross said licenses for US companies to sell components to China's Huawei Technologies Co would come "very shortly" and that there was no reason a trade deal could not be on track to be signed this month.

Canada is a major exporter of commodities, so its economy could benefit from an improved outlook for global trade.

US crude oil futures were up 1.5% to $57.02 a barrel, boosted by flagging OPEC discussions of a deeper output cut next month as well as growing expectations of a US-China trade deal.

Still, the Bank of Canada worried last week that Canada's economy will be "increasingly tested" by trade uncertainty as it left its benchmark policy interest rate on hold at 1.75%.

Canada's trade report for September is due on Tuesday and the October jobs report is due on Friday which can help guide expectations for the central bank's policy outlook.

Canadian government bond prices were lower across a steeper yield curve in sympathy with US Treasuries. The two-year fell 5.5 Canadian cents to yield 1.581% and the 10-year was down 48 Canadian cents to yield 1.496%.