6.6 C
Thursday, December 9, 2021

Canadian dollar companies improve investor confidence

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TORONTO – The Canadian dollar strengthened

against its US counterpart on Thursday as investor sentiment

National and improved data showed that payroll


The Canadian dollar was trading 0.2% higher at 1.2644 per

dollar, or 79.09 cents, after trading in a range of

1.2640 to 1.2677. On Tuesday it reached its weakest intraday level

in almost eight weeks to 1.2744.

“The CAD remains at the mercy of external factors and

feeling heavily at the moment, “the strategists of

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Scotiabank, including Shaun Osborne, said in a note.

A rebound in tech stocks helped boost European stocks after

they hit a three-week low the day before. Investors have worried

that an increase in COVID-19 cases in Europe is raising the outlook

of the running of the bulls in the Christmas shopping season.

The Toronto Stock Exchange also gained ground. US Markets

They were closed for Thanksgiving.

Canada is a major producer of raw materials, including oil, so

the loon tends to be sensitive to the signal sent by stocks

on the world economic outlook.

US Crude Oil Futures Down 0.5% to $ 78.03 a Barrel

as investors watched as major producers responded to the US-led initiative

Emergency oil release designed to cool the market.

Canadian payroll employment increased by 91,100 in September, the

fourth consecutive monthly increase, Statistics Canada data


Floods that washed away bridges, roads and railways in

British Columbia wants to hurt Canada’s economic growth and fuel

inflation in the fourth quarter, but the Bank of Canada

The timing of the rate hike is likely to remain unchanged, economists said.

Canadian government bond yields declined along the curve. the

10 years fell 1.4 basis points to 1.7649, after

hitting its highest intraday level since April on Wednesday

2019 at 1,826%.

(Reporting by Fergal Smith; Edited by Daniel Wallis and

Jonathan Oatis)

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