By Fergal Smith<\/p>\n
(Reuters) -The Canadian dollar was barely changed against its U.S. counterpart on Tuesday as oil prices fell and data showed a widening of the Canadian trade deficit that was close to expectations.<\/p>\n
The loonie was trading nearly unchanged at 1.3775 per U.S. dollar, or 72.60 U.S. cents, after moving in a range of 1.3764 to 1.3810.<\/p>\n
Canada’s merchandise trade deficit widened in June to C$5.9 billion ($4.24 billion) as imports grew faster than exports due to a one-time high-value oil equipment import. Analysts had predicted the deficit would increase to C$6.3 billion from a downwardly revised C$5.5 billion in May.<\/p>\n
“Despite the usual volatility, Canada’s trade figures came in line with expectations for June,” Shelly Kaushik, a senior economist at BMO Capital Markets, said in a note.<\/p>\n
“While trade flows have recovered a touch from the spring, normalization is unlikely until the Canada-U.S. relationship stabilizes.”<\/p>\n
The U.S. has increased tariffs on Canadian goods to 35% from 25%, but products covered by the U.S.-Mexico-Canada Agreement are exempt from duties. About 90% of Canadian exports to the U.S. in May were exempt under that trade deal.<\/p>\n
The price of oil, one of Canada’s major exports, fell 1.4% to $65.35 a barrel on rising OPEC+ supply and worries of weaker global demand, while the U.S. dollar steadied against a basket of major currencies.<\/p>\n
Canada’s employment report for July, due on Friday, could offer further clues on the state of the domestic economy. A Reuters poll of economists expects a gain of 13,500 jobs.<\/p>\n
The Canadian 10-year yield was little changed at 3.382% after earlier touching its lowest level since July 7 at 3.360%.<\/p>\n
(Reporting by Fergal Smith; Editing by Paul Simao)<\/p>\n","protected":false},"excerpt":{"rendered":"By Fergal Smith (Reuters) -The Canadian dollar was barely changed against its U.S. counterpart on Tuesday as oil…\n","protected":false},"author":2,"featured_media":48136,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,3245,46,32844,33198],"class_list":["post-48135","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-canadian-dollar","tag-economy","tag-trade-deficit","tag-u-s-dollar"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/48135","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=48135"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/48135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/48136"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=48135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=48135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=48135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}