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Markets

Canadian dollar rises as Fed takes steps to support credit

The Canadian dollar was trading 0.3pc higher at 1.4381 to the greenback, or 69.54 US cents. The currency, whic
23 Mar 2020
  • The Canadian dollar was trading 0.3pc higher at 1.4381 to the greenback, or 69.54 US cents.
  • The currency, which on Thursday hit a four-year low at 1.4669, traded in a range of 1.4337 to 1.4492.
  • Canadian bond yields fell across a flatter yield curve in sympathy with US Treasuries.

TORONTO: The Canadian dollar strengthened against its US counterpart on Monday as the Federal Reserve announced additional measures to ease the economic impact of the coronavirus outbreak and domestic data showed a surprise increase in wholesale trade.

The Fed took unprecedented steps to support US households and companies more directly with credit, helping to boost US stocks.

The price of oil, one of Canada's major exports, turned higher, with US crude prices up 1.8pc at $23.03 a barrel.

Oil has been pressured in recent weeks by the demand destruction caused by the coronavirus pandemic and a price war between producers Russia and Saudi Arabia..

Canadian wholesale trade increased by 1.8pc in January from December on stronger sales in the motor vehicles and motor vehicle parts and accessories subsector, Statistics Canada said. Analysts had forecast a 0.2pc decrease.

At 9:14 a.m. (1314 GMT), the Canadian dollar was trading 0.3pc higher at 1.4381 to the greenback, or 69.54 US cents.

The currency, which on Thursday hit a four-year low at 1.4669, traded in a range of 1.4337 to 1.4492.

The Canadian death toll from the coronavirus outbreak jumped by more than 50pc on Sunday, and impatient officials threatened to punish people refusing to take precautions to fight the spread of the highly contagious illness.

Canada is set to ramp up borrowing as Ottawa's C$27 billion stimulus package, announced last week to stave off a potential recession due to the coronavirus outbreak, blows out the fiscal deficit, market strategists said.

Canadian bond yields fell across a flatter yield curve in sympathy with US Treasuries.

The 10-year yield fell 6.9 basis points at 0.795pc.