The Canadian dollar edged lower against its U.S. counterpart on Wednesday \u200das \u200bthe greenback posted broad-based gains and data showed the downturn deepening in Canada\u2019s services economy.<\/p>\n
The loonie was trading 0.2% lower at 1.3670 per U.S. dollar, or 73.15 U.S. cents, after moving in a range of 1.3629 to 1.3684.<\/p>\n
\u201cThere is really only \u2060one driver right now, and that is about market positioning and basically a technical correction after the big leg down (in USD-CAD) we had,\u201d said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC. \u201cI think that means that dollar-Canada has got \u200cmore room to go. … If \u200dwe get above 1.37 we go up to 1.3750-60. The \u200dmomentum indicators are only just turning.\u201d<\/p>\n
Speculators have slashed \u200ctheir bearish bets on the Canadian dollar to the lowest \u2060level in nearly two years, the most recent data from the U.S. Commodity \u200bFutures Trading Commission showed.<\/p>\n
Canada\u2019s services economy contracted for a third straight month in January as trade uncertainty contributed to declines in activity and new business, S&P Global\u2019s Canada services PMI data showed. The headline Business Activity Index fell to 45.8 last month \u200bfrom 46.5 in December. Separate data showed that Greater Toronto Area home sales fell in January by the most in 11 months and prices declined. Toronto is Canada\u2019s most populous city.<\/p>\n
Canadian employment data for January, due on Friday, could provide further clues on the state of the domestic economy. Analysts forecast a \u2060jobs gain of 5,000.<\/p>\n
\u201cIn my mind, the jobs data could be some \u2060headline risk but the market has a deep conviction that the Bank of Canada is \u200con hold for the next six months,\u201d Chandler said. The U.S. dollar rose against a basket of major currencies, extending its gains since President Donald Trump\u2019s selection of former Federal Reserve Governor Kevin Warsh to be the next \u200bFed chair.<\/p>\n
The Canadian 10-year yield eased 1 basis \u200cpoint to 3.435% after touching on Tuesday a four-week intraday high of 3.466%.<\/p>\n","protected":false},"excerpt":{"rendered":"The Canadian dollar edged lower against its U.S. counterpart on Wednesday \u200das \u200bthe greenback posted broad-based gains and…\n","protected":false},"author":2,"featured_media":362605,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":{"0":"post-454866","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-alberta","9":"tag-arts-news","10":"tag-bc","11":"tag-breaking-news","12":"tag-breaking-news-video","13":"tag-british-columbia","14":"tag-business","15":"tag-ca","16":"tag-canada","17":"tag-canada-news","18":"tag-canada-sports","19":"tag-canada-sports-news","20":"tag-canada-trafficcanada-weather","21":"tag-canadian-breaking-news","22":"tag-canadian-news","23":"tag-economy","24":"tag-education","25":"tag-environment","26":"tag-federal-government","27":"tag-foreign-news","28":"tag-globe-and-mail","29":"tag-globe-and-mail-breaking-news","30":"tag-globe-and-mail-canada-news","31":"tag-government","32":"tag-life-news","33":"tag-lifestyle","34":"tag-local-news","35":"tag-manitoba","36":"tag-national-news","37":"tag-new-brunswick","38":"tag-newfoundland-and-labrador","39":"tag-northwest-territories","40":"tag-nova-scotia","41":"tag-nunavut","42":"tag-ontario","43":"tag-pei","44":"tag-photos","45":"tag-political-news","46":"tag-political-opinion","47":"tag-politics","48":"tag-politics-news","49":"tag-quebec","50":"tag-sports-news","51":"tag-technology","52":"tag-travel","53":"tag-trudeau","54":"tag-us-news","55":"tag-world-news","56":"tag-yukon"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/454866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=454866"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/454866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/362605"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=454866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=454866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=454866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}