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Markets

Canadian dollar clings to this week's gains as oil rallies

Canadian government bond yields were mixed across a flatter yield curve, with the 10-year falling 1.7 basis points
21 May 2020
  • Canadian government bond yields were mixed across a flatter yield curve, with the 10-year falling 1.7 basis points to 0.548pc.
  • Canada's retail sales report for March is due on Friday.
  • Canada shed 226,700 nonfarm payroll jobs in April when efforts to contain the coronavirus outbreak shut down much of the economy.

TORONTO: The Canadian dollar was little changed against its U.S. counterpart on Thursday, holding on to gains since the start of the week as oil prices rose and investors grappled with rising tensions between the United States and China.

U.S. stock indexes seesawed as growing Sino-U.S. tensions and mixed retail earnings added to worries about the pace of a recovery from a coronavirus-fueled economic slump.

The price of oil, one of Canada's major exports, rose to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand. U.S. crude prices were up 2.7pc at $34.4 a barrel.

The Canadian dollar was trading nearly unchanged at 1.3900 to the greenback, or 71.94 U.S. cents. The currency, which is up 1.4pc this week, traded in a range of 1.3891 to 1.3944.

Canada shed 226,700 nonfarm payroll jobs in April when efforts to contain the coronavirus outbreak shut down much of the economy, a report from payroll services provider ADP showed.

Still, the March data was revised to show 17,200 jobs were lost rather than 177,300.

Data earlier this month from the national statistical agency showed that Canada lost a record-breaking 2 million jobs in April.

To support the economy, Ottawa is rolling out about C$300 billion in economic support measures, while the Bank of Canada has cut interest rates to near zero and has launched its first ever large-scale bond-buying program.

Bank of Canada Governor Stephen Poloz will hold a video-conference round table with members of the media at 1:30 p.m. (1730 GMT) to discuss and reflect on his mandate ahead of his retirement on June 2.

Canadian government bond yields were mixed across a flatter yield curve, with the 10-year falling 1.7 basis points to 0.548pc.

Canada's retail sales report for March is due on Friday.