The Canadian Press - ONLINE EDITION

Canadian dollar advances, greenback weakens on Fed rate expectations

  • Print

TORONTO - The Canadian dollar registered a solid gain Wednesday amid general U.S. dollar weakness and higher commodity prices.

The loonie rose 0.23 of a cent to 91.89 cents US.

Analysts pointed to low expectations for first-quarter U.S. gross domestic product growth, owing to the severe winter weather, and suggestions the American economy may have contracted during the January-March period.

"Accordingly, the expectations for Fed interest rate hikes have been pared back slightly," said Camilla Sutton, chief FX strategist, managing director, Scotiabank Global Banking and Markets.

Those expectations also sent the benchmark U.S. 10-year Treasury sharply lower. It slipped nine basis points on the day to 2.528 per cent, the lowest level since last October on a closing basis.

On the commodity markets, June crude in New York gained 67 cents to US$102.37 a barrel.

July copper gained two cents to US$3.16 a pound while June gold bullion rose $11.10 to US$1,305.90 an ounce.

Statistics Canada releases the March report on manufacturing shipments on Thursday.

Traders will also look to the release of April existing home sales data Thursday morning.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Keri Latimer looks for beauty in the dark and the spaces between the notes

View more like this

Photo Store Gallery

  • A mother goose has chosen a rather busy spot to nest her eggs- in the parking lot of St Vital Centre on a boulevard. Countless cars buzz by and people have begun to bring it food.-Goose Challenge Day 06 - May 08, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A Canada goose flies towards the sun near the Perimeter Highway North and Main St Monday afternoon – See Day 10 for Bryksa’s 30 goose project - May 11, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Should confessions extracted through Mr. Big police stings be admissible in court?

View Results

View Related Story

Ads by Google