2023-11-16 20:42:07
The Canadian dollar weakened against its U.S. counterpart on Thursday, giving up some recent gains, as oil prices fell and the stock market rally lost momentum.
The loonie was trading 0.6% lower at 1.3765 per greenback, or 72.65 US cents, after trading in a range of 1.3678 to 1.3776. On Wednesday, it reached its highest intraday level since November 6 at 1.3652.
“The loonie is falling due to weak oil and reduced risk sentiment,” said Amo Sahota, director of Klarity FX in San Francisco. “The first is the main driver today.
The price of oil, one of Canada’s top exports, fell to its lowest level since July 7 as investors worried about global demand following weak U.S. and Asian data. U.S. crude oil futures settled at $72.90 a barrel, down 4.9%.
Wall Street’s major indexes fell slightly after disappointing earnings forecasts and data showing weekly U.S. jobless claims rose more than expected, but a drop in U.S. Treasury yields helped contain the decline. decline in stocks.
National data showed housing starts rose unexpectedly in October, rising 1% from the previous month.
Canadian government bond yields fell across the curve, following movements in US Treasuries. The 10-year hit its lowest level since September 14 at 3.662% before recovering to 3.692%, down 6 basis points over the day. (Reporting by Fergal Smith; Editing by Marguerita Choy)
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