Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

C$ dips as investors eye seasonally weak period for the currency

08/09/2022 | 03:13pm EST
FILE PHOTO: A Canadian dollar coin, commonly known as the

TORONTO (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Tuesday, adding to its August decline, as cautious trading gripped financial markets ahead of a key U.S. inflation report this week.

The Canadian dollar was down 0.3% at 1.2895 to the greenback, or 77.55 U.S. cents, after trading in a range of 1.2844 to 1.2900.

"The broader tone appears to be dominating and CAD is trading in tandem with risk, given modest weakness across global equity indices," said Eric Theoret, global macro strategist at Manulife Investment Management.

Wall Street slipped, including pressure on technology stocks, as investors awaited Wednesday's U.S. inflation data for clues on the Federal Reserve policy outlook.

"The CAD has traded weaker for much of August and is entering a seasonally weak period, given its tendency to decline (versus the U.S. dollar) from late summer into year end," Theoret said.

The loonie has weakened 0.8% since the start of the month. It has lost ground in August for seven of the last eight years.

The price of oil, one of Canada's major exports, settled 0.3% lower at $90.50 a barrel as worries that a slowing economy could cut demand vied with news that some oil exports had been suspended on the Russia-to-Europe Druzhba pipeline that transits Ukraine.

Canadian government bond yields were higher across the curve, tracking the move in U.S. Treasuries.

The 10-year rose 4.3 basis points to 2.720%, toward the middle of its range over the last few days.

(Reporting by Fergal Smith; Editing by David Holmes and Marguerita Choy)

By Fergal Smith


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.04% 0.91381 Delayed Quote.-0.17%
BRENT OIL -1.49% 85.9 Delayed Quote.11.95%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.02% 1.6553 Delayed Quote.-3.67%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.02% 99.7 Delayed Quote.10.45%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.28% 0.69496 Delayed Quote.-3.42%
EURO / CANADIAN DOLLAR (EUR/CAD) 0.05% 1.4193 Delayed Quote.-1.51%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) 0.93% 0.86357 Delayed Quote.-0.98%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) -0.02% 1.3465 Delayed Quote.6.34%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.62% 62.572 Delayed Quote.-18.33%
WTI -1.34% 80.208 Delayed Quote.6.45%
Latest news "Economy"
07:37aSaudi Aramco's Luberef expects to raise up to $1.32 billion from IPO
RE
07:11aIndia plans federal oversight of all real-money online games-sources, document
RE
06:46aS.Korea's Yoon prepares to widen back-to-work order amid truckers' strike
RE
06:44aChina's Xi unwilling to accept vaccines despite threat from protests-U.S. intel
RE
06:27aIndonesia raises volcano warning to highest after Semeru erupts, evacuation underway
RE
06:27aIslamic State claims responsibility for attack on Pakistani embassy in Kabul
RE
05:58aChinese cities announce further easing of COVID curbs
RE
05:39aIndonesian authoritiy has increased the level of warning for sem…
RE
05:35aJapan cautious on capital gains tax; must stick to increasing defence
RE
05:12aIndonesia's Semeru volcano erupts, people warned to stay away
RE
Latest news "Economy"