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The Canadian dollar advanced on Thursday against its US counterpart, approaching its highest level in nearly three weeks, as the greenback fell and investors hoped that European automakers could escape US rates. At 35:00 EDT, the Canadian dollar gained 0.1% to settle at $ 1.3132 or 76.15 US cents. The dollar hit its highest since June 15th at $ 1.3113 as investors prepared for a potential rise in Bank of Canada interest rates next week
. 19659005] Stocks rose on signs that Washington could slow down on tariff plans on European cars, with shares of auto makers higher in all areas, offsetting other signs of trade tensions with China.
Canada runs a current account deficit, which could hurt its economy if trade or capital decelerates.
The country has its own trade dispute with the United States and is struggling with slow negotiations While US President Donald Trump has threatened to impose tariffs on Canadian automobiles, the US dollar Is depreciating against a basket of major currencies while the good German industrial orders were hoping for a weakening of US commercial rhetoric.
The price of oil, one of Canada's top exports, has remained at its highest level in three-and-a-half years, due to potential interruptions in flows from the United States. Iran and the Middle East. Also in the mix was a new request from US President Donald Trump that the Organization of Petroleum Exporting Countries cut prices.
U.S. Canadian government bond prices changed little, with a return of 1.913% for the two-year index and a return of 2.162% for the 10-year index, up 10%
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Canadian auto sales fell for a fourth consecutive month in June, down 1.6 percent from in the previous year, according to data released Wednesday.
Canada's June employment report and trade data for May are expected on Friday.
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Tags Canadian close commercial context dollar optimism Peak remains weeks
