C$ slips along with oil as greenback rebounds

Fri May 15, 2015 9:46am EDT
 
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TORONTO (Reuters) - The Canadian dollar retreated against a broadly higher U.S. dollar on Friday, as crude prices fell amid an excess supply of oil that has pushed global inventories higher.

The greenback, hurt by a series of mixed economic data, recouped some of the week's losses against a basket of key currencies, despite further U.S. economic numbers on Friday that supported evidence the second quarter was off to a sluggish start for the world's largest economy.

The loonie pared some of its losses following Canadian data, including March factory sales, but moves were marginal and brief.

The currency has tested the C$1.1940 level several times in recent sessions, but has failed to sustain any moves stronger.

* At 9:27 a.m. EDT, the Canadian dollar CAD=D4 was trading at C$1.2043 to the greenback, or 83.04 U.S. cents, softer than the Bank of Canada's official close of C$1.1999, or 83.34 U.S. cents, on Thursday.

* Its strongest level of the session was C$1.1982, while its weakest level was C$1.206.

* Canadian manufacturing sales rebounded by 2.9 percent in March from February, helped by gains in the aerospace and auto sectors. This was stronger than the 1.2 percent rise economists had forecast.

* Foreign investment in Canadian securities jumped to C$22.47 billion in March, the biggest inflow since May 2012.   Continued...

 
A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. REUTERS/Mark Blinch