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Canadian dollar hits 6-day low as investors eye U.S. jobs data

06/28/2021 | 03:44pm EDT
FILE PHOTO: FILE PHOTO: A Canadian dollar coin, commonly known as the

(Corrects third paragraph to say Wednesday instead of Tuesday for release of Canadian GDP data)

By Fergal Smith

TORONTO (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Monday, as oil prices fell and investors turned attention to economic data later in the week that could guide expectations for the Federal Reserve's interest rate outlook.

The loonie was trading 0.3% lower at 1.2333 to the greenback, or 81.08 U.S. cents, after touching its weakest intraday level since last Tuesday at 1.2347.

Canadian GDP data for April is due on Wednesday and the U.S. employment report is due on Friday.

The U.S. data could "unveil important clues as to how much more aggressive the Fed might be in adjusting its stance," said Michael Goshko, corporate risk manager at Western Union Business Solutions.

The Canadian dollar has pulled back from a six-year high near 1.2000 per U.S. dollar earlier this month, pressured by the Fed's surprise move to project interest rate hikes starting in 2023 rather than 2024.

Speculators have cut their bullish bets on the Canadian dollar for a third week, data from the U.S. Commodity Futures Trading Commission showed on Friday.

The price of oil, one of Canada's major exports, settled 1.5% lower at $72.01 a barrel as a spike in COVID-19 cases in Asia and Europe put a brake on the rally before this week's OPEC+ meeting.

Canadian government bond yields were lower across a flatter curve, tracking the move in U.S. Treasuries. The 10-year eased 4.8 basis points to 1.411%. Earlier this month, it touched its lowest since March at 1.364%.

(Reporting by Fergal Smith; Editing by Kirsten Donovan and Richard Chang)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.32% 0.92635 Delayed Quote.-5.21%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.07% 1.75096 Delayed Quote.0.84%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.31% 85.211 Delayed Quote.6.20%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.75% 0.7189 Delayed Quote.5.10%
EURO / CANADIAN DOLLAR (EUR/CAD) 0.13% 1.50348 Delayed Quote.-3.63%
LONDON BRENT OIL 0.42% 74.68 Delayed Quote.45.09%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) -0.07% 0.89768 Delayed Quote.-1.71%
S&P GSCI CRUDE OIL INDEX -0.72% 386.3311 Delayed Quote.48.02%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.07% 1.28123 Delayed Quote.0.31%
WTI 0.28% 70.824 Delayed Quote.48.70%
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