Market News
Canadian dollar sticks to recent sideways trading pattern - REUTERS
By Fergal Smith
Summary
- Loonie trades in a range of 1.4183 to 1.4244
- Speculators cut bearish bets on the currency
- Price of U.S. oil settles 0.4% higher
- Bond yields ease across the curve
TORONTO, Feb 24 (Reuters) - The Canadian dollar steadied against its U.S. counterpart on Monday, extending its recent sideways trading pattern, as investors awaited greater clarity on prospects of U.S. trade tariffs and additional easing from the Bank of Canada.
The loonie was trading unchanged at 1.4220 per U.S. dollar, or 70.32 U.S. cents, after moving in a range of 1.4183 to 1.4244.
The currency has recovered from a 22-year low of 1.4793 on February 3 but gains have stalled since mid-month.
Stocks closed mostly lower Monday with the Dow eking out a slight gain, the S&P 500 dropping half of one percent, and the Nasdaq ending the session down 1.2%.
