Market News
Canadian dollar consolidates prior day's gains as election looms - REUTERS
By Fergal Smith
Summary
- Canadian dollar falls 0.1% against the greenback
- Trades in a range of 1.4298 to 1.4365
- Canada posts narrower-than-expected trade deficit
- Bond yields rise across a steeper curve
TORONTO, Jan 7 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Tuesday as American economic data supported bets for a slower pace of interest rate cuts by the Federal Reserve, but the currency kept hold of much of the previous day's gains.
The loonie was trading 0.1% lower at 1.4350 per U.S. dollar, or 69.69 U.S. cents, after moving in a range of 1.4298 to 1.4365.
On Monday, the currency touched nearly a three-week high at 1.4280 as a report cast doubt on the severity of expected U.S. trade tariffs and Canadian Prime Minister Justin Trudeau announced his plans to resign.
