The Canadian dollar clawed back most of its monthly losses against the U.S. dollar on Friday as \u2060broad-based declines \u200bfor the greenback offset domestic data that showed the economy contracting in the fourth quarter.<\/p>\n
The loonie was trading 0.4% higher at 1.3630 per U.S. dollar, or 73.37 U.S. cents, after touching its \u200bstrongest level since February 16 at 1.3626. Among \u200cthe Group of 10 currencies, only the safe-haven Swiss franc posted stronger gains. Another safe-haven is gold. It rose to nearly a one-month high, supported by geopolitical tensions after the U.S. and Iran extended nuclear talks.<\/p>\n
\u201cWith gold rallying, the \u200cUSD has \u200bcome under pressure and that \u200chas helped to propel USD-CAD lower,\u201d said George Davis, chief technical \u200bstrategist at RBC Capital Markets, adding that month-end \u2060flows could also have helped support the loonie, which was \u2060down 0.1% in February. The U.S. dollar edged lower against a basket of \u200bmajor currencies, while the price of oil rose 2.7% to $66.99 a barrel as traders remained on alert for potential supply disruptions. Oil is one of Canada\u2019s major exports. Canadian Prime Minister Mark Carney will meet business leaders in Mumbai and start talks on \u2060a comprehensive trade agreement, which is expected to be completed by November, Canada\u2019s foreign minister told Reuters.<\/p>\n
Canada\u2019s gross domestic product fell at an annualized pace of 0.6% in the October-December quarter as manufacturers dipped heavily into inventories to meet demand, closing out the slowest year of \u2060growth for the country since 2020. Economists \u200band the Bank of Canada had expected a flat reading.<\/p>\n
\u201cThe Canadian economy \u2060continues to struggle and track somewhat weaker than the Bank of Canada\u2019s latest MPR (Monetary Policy Report) \u200cprojections, although some of the underlying detail in today\u2019s report was admittedly stronger than \u200bthe headline figure,\u201d Andrew Grantham, a senior economist at CIBC Capital Markets, said in a note.<\/p>\n
Canadian government bond yields eased across the curve, tracking moves in U.S. Treasuries. The 10-year was down \u200b3.6 basis points at 3.139%, marking its lowest level since November 28.<\/p>\n","protected":false},"excerpt":{"rendered":"The Canadian dollar clawed back most of its monthly losses against the U.S. dollar on Friday as \u2060broad-based…\n","protected":false},"author":2,"featured_media":362605,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[901,888,902,879,877,903,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,44,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":{"0":"post-503892","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-canada","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-ca","15":"tag-canada","16":"tag-canada-news","17":"tag-canada-sports","18":"tag-canada-sports-news","19":"tag-canada-trafficcanada-weather","20":"tag-canadian-breaking-news","21":"tag-canadian-news","22":"tag-economy","23":"tag-education","24":"tag-environment","25":"tag-federal-government","26":"tag-foreign-news","27":"tag-globe-and-mail","28":"tag-globe-and-mail-breaking-news","29":"tag-globe-and-mail-canada-news","30":"tag-government","31":"tag-life-news","32":"tag-lifestyle","33":"tag-local-news","34":"tag-manitoba","35":"tag-national-news","36":"tag-new-brunswick","37":"tag-newfoundland-and-labrador","38":"tag-news","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\/503892","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=503892"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/503892\/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=503892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=503892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=503892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}