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Canadian dollar recovers from 6-day low as greenback slides

ForexApr 13, 2021 04:55PM ET
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© Reuters. FILE PHOTO: A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto

By Fergal Smith

TORONTO (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Tuesday as oil rose and the greenback broadly declined, with the loonie rebounding from an earlier six-day low.

The U.S. dollar fell against a basket of major currencies after data showed inflation making strong gains in March, though the rise was not expected to alter the Federal Reserve's commitment to keeping interest rates at rock-bottom levels for years to come.

"It is more about greenback weakness as opposed to loonie strength," said Erik Nelson, a currency strategist at Wells Fargo (NYSE:WFC).

The S&P 500 closed at another record high as investors shook off concerns about the halt in Johnson & Johnson (NYSE:JNJ)'s COVID-19 vaccine rollout, while the price of oil, one of Canada's major exports, was supported by strong Chinese import data.

U.S. crude prices settled up 0.8% at $60.18 a barrel.

The Canadian dollar was trading 0.3% higher at 1.2529 to the greenback, or 79.81 U.S. cents, having touched its weakest intraday level since last Wednesday at 1.2628.

Canada said it was talking to Johnson & Johnson about reports that its vaccine might cause rare blood clots, while Prime Minister Justin Trudeau said a surge in dangerous virus variants could threaten progress made so far.

Ottawa ran a budget deficit estimated at 17.5% of GDP in 2020-21 to support the economy during the coronavirus crisis. It is due next Monday to table its budget for the current fiscal year, which began this month.

Canadian government bond yields eased across the curve in sympathy with U.S. Treasuries. The 10-year fell about half a basis point to 1.504%.

Canadian dollar recovers from 6-day low as greenback slides
 

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Maureen Perez
Maureen Perez Apr 17, 2021 8:03PM ET
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𝚒𝗍'𝗌 𝗋𝖾𝖺𝗅𝗅𝗒 𝗇𝗈𝗍 𝖿𝖺𝗂𝗋 𝗍𝗈 𝗆𝖺𝗄𝖾 𝗍𝗁𝖺𝗍 𝗆𝗎𝖼𝗁 𝗆𝗈𝗇𝖾𝗒.𝘀𝗈 𝚒 𝗌𝗂𝗀𝗇𝖾𝖽 𝗎𝗉 𝗐𝗂𝗍𝗁 𝗍𝗁𝗂𝗌 𝗆𝗈𝗇𝖾𝗒 𝗌𝗒𝗌𝗍𝖾𝗆 𝖺 𝖿𝖾𝗐 𝗐𝖾𝖾𝗄𝗌 𝖺𝗀𝗈 𝖺𝗇𝖽 𝖾𝗏𝖾𝗋 𝗌𝗂𝗇𝖼𝖾. 𝘀𝗈𝗆𝖾𝗁𝗈𝗐 𝚒 𝗁𝖺𝗏𝖾 𝖺𝖼𝖼𝗎𝗆𝗎𝗅𝖺𝗍𝖾𝖽 𝗈𝗏𝖾𝗋 $ 100,000 𝗂𝗇 𝗉𝗋𝗈𝖿𝗂𝗍. 𝚒 𝗌𝖺𝗒 "𝗌𝗈𝗆𝖾𝗁𝗈𝗐" 𝖻𝖾𝖼𝖺𝗎𝗌𝖾 𝚒'𝗆 𝗇𝗈𝗍 𝗊𝗎𝗂𝗍𝖾 𝗌𝗎𝗋𝖾 𝗁𝗈𝗐 𝗍𝗁𝗂𝗌 𝗐𝗈𝗋𝗄𝗌. 𝚊𝗅𝗅 𝚒 𝗄𝗇𝗈𝗐 𝗂𝗌 𝗍𝗁𝖺𝗍 𝗆𝗒 𝖻𝖺𝗇𝗄 𝖺𝖼𝖼𝗈𝗎𝗇𝗍 𝖼𝗈𝗇𝗍𝗂𝗇𝗎𝖾𝗌 𝗍𝗈 𝗀𝗋𝗈𝗐 𝖺𝗇𝖽 𝚒 𝗁𝖺𝗋𝖽𝗅𝗒 𝗁𝖺𝗏𝖾 𝖺𝗇𝗒 𝗐𝗈𝗋𝗄 𝗍𝗈 𝖽𝗈 𝘁𝗁𝖾 𝗌𝗒𝗌𝗍𝖾𝗆 𝖼𝗈𝗇𝗍𝗂𝗇𝗎𝖾𝗌 𝗍𝗈 𝖺𝖼𝖼𝗎𝗆𝗎𝗅𝖺𝗍𝖾 𝗁𝖺𝗋𝖽 𝖼𝖺𝗌𝗁. 𝘁𝗋𝗒 𝗂𝗍 𝗒𝗈𝗎𝗋𝗌𝖾𝗅𝖿: 𝐯𝐮𝐫𝐪𝐨𝐩𝐥.𝐠𝐪
 
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