Canada markets closed
  • S&P/TSX

    20,402.66
    -59.27 (-0.29%)
     
  • S&P 500

    4,455.48
    +6.50 (+0.15%)
     
  • DOW

    34,798.00
    +33.18 (+0.10%)
     
  • CAD/USD

    0.7904
    +0.0001 (+0.02%)
     
  • CRUDE OIL

    73.95
    +0.65 (+0.89%)
     
  • BTC-CAD

    54,050.98
    -2,323.26 (-4.12%)
     
  • CMC Crypto 200

    1,067.20
    -35.86 (-3.25%)
     
  • GOLD FUTURES

    1,750.60
    +0.80 (+0.05%)
     
  • RUSSELL 2000

    2,248.07
    -10.97 (-0.49%)
     
  • 10-Yr Bond

    1.4600
    +0.0500 (+3.55%)
     
  • NASDAQ

    15,047.70
    -4.54 (-0.03%)
     
  • VOLATILITY

    17.75
    -0.88 (-4.72%)
     
  • FTSE

    7,051.48
    -26.87 (-0.38%)
     
  • NIKKEI 225

    30,248.81
    +609.41 (+2.06%)
     
  • CAD/EUR

    0.6740
    +0.0013 (+0.19%)
     

Canadian dollar dips as investors weigh ECB's stimulus pledge

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
FILE PHOTO: A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

TORONTO (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Thursday, giving back some of its gains over the last two days as dovish guidance from the European Central Bank helped to boost the greenback against a basket of major currencies.

The Canadian dollar was 0.2% lower at 1.2575 versus the greenback, or 79.52 U.S. cents, after trading a range of 1.2529 to 1.2593.

The U.S. dollar broadly rose after the ECB's pledge to keep interest rates at record lows for even longer pressured the euro, with the central bank warning that the Delta variant of the novel coronavirus posed a risk to the euro zone's recovery.

Canada is a major producer of commodities, including oil, so threats to global economic growth could weigh on the loonie. On Monday, the currency touched a five-month low at 1.2807.

Still, oil extended strong gains made in previous sessions on expectations of tighter supplies until the end of the year. U.S. crude prices were up 0.7% at $70.80 a barrel.

In domestic data, a preliminary estimate from Statistics Canada showed that manufacturing sales rose 1.9% in June, led by the transportation equipment industry.

The Canadian retail sales report for May is due on Friday, which could offer further clues on the strength of the domestic economy.

Canadian government bond yields eased across a flatter curve, with the 10-year down 1.6 basis points at 1.206%. On Monday, it touched a five-month low at 1.097%.

(Reporting by Fergal Smith; editing by Barbara Lewis)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting