The Canadian dollar edged lower for a sixth \u2060straight day \u200bagainst its U.S. counterpart on Wednesday, as the greenback posted broad-based gains and minutes from the Bank of Canada\u2019s latest policy decision showed the central bank was content to remain on \u200bthe sidelines.<\/p>\n
The loonie was trading 0.1% \u200clower at 1.3705 per U.S. dollar, or 72.97 U.S. cents, after moving in a range of 1.3685 to 1.3718. <\/p>\n
The BoC\u2019s Governing Council felt it could afford to be patient and hold interest rates at 2.25% ahead \u200cof its \u200bApril 29 announcement, while \u200cacknowledging the situation might change quickly.<\/p>\n
\u201cThe Bank of Canada is comfortable \u200bstanding pat for now amid heightened uncertainty \u2060on both sides of the outlook,\u201d Benjamin Reitzes, Canadian rates & \u2060macro strategist at BMO Capital Markets, said in a note.<\/p>\n
\u201cWe\u2019ll likely need \u200bto see a few inflation reports for policymakers to be convinced that price pressures are broadening … while the rise in the unemployment rate suggests the last thing the economy needs is higher policy rates.\u201d<\/p>\n
Data on Friday showed \u2060that Canada\u2019s economy lost 17,700 jobs in April and the unemployment rate rose to a six-month high of 6.9%, indicating continued weakness in a labor market that has struggled in the face of trade uncertainty.<\/p>\n
Still, investors are betting that the Bank of \u2060Canada will raise interest rates twice by \u200bDecember as the recent surge in oil prices boosts the inflation \u2060outlook. <\/p>\n
The price of oil settled 1.1% lower at $101.02 a barrel, giving back some recent gains. \u200cOil is one of Canada\u2019s major exports. <\/p>\n
The U.S. dollar rose against \u200ba basket of major currencies, supported by the latest hot U.S. inflation reading. <\/p>\n
Canadian government bond yields edged lower across a flatter curve. The 10-year was down 1.5 basis points \u200bat 3.577%, after earlier touching an eight-day high at 3.610%.<\/p>\n","protected":false},"excerpt":{"rendered":"The Canadian dollar edged lower for a sixth \u2060straight day \u200bagainst its U.S. counterpart on Wednesday, as the…\n","protected":false},"author":2,"featured_media":43930,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[164,224,238,214,212,239,17,211,230,231,227,213,210,235,171,234,143,222,249,215,216,229,225,226,219,240,220,244,245,247,242,246,94,243,217,142,233,113,232,241,223,236,237,228,221,218,248],"class_list":{"0":"post-43929","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-canada","15":"tag-canada-news","16":"tag-canada-sports","17":"tag-canada-sports-news","18":"tag-canada-trafficcanada-weather","19":"tag-canadian-breaking-news","20":"tag-canadian-news","21":"tag-economy","22":"tag-education","23":"tag-environment","24":"tag-federal-government","25":"tag-foreign-news","26":"tag-globe-and-mail","27":"tag-globe-and-mail-breaking-news","28":"tag-globe-and-mail-canada-news","29":"tag-government","30":"tag-life-news","31":"tag-lifestyle","32":"tag-local-news","33":"tag-manitoba","34":"tag-national-news","35":"tag-new-brunswick","36":"tag-newfoundland-and-labrador","37":"tag-northwest-territories","38":"tag-nova-scotia","39":"tag-nunavut","40":"tag-ontario","41":"tag-pei","42":"tag-photos","43":"tag-political-news","44":"tag-political-opinion","45":"tag-politics","46":"tag-politics-news","47":"tag-quebec","48":"tag-sports-news","49":"tag-technology","50":"tag-travel","51":"tag-trudeau","52":"tag-us-news","53":"tag-world-news","54":"tag-yukon"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/43929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=43929"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/43929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/43930"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=43929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=43929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=43929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}