Money: Canadian dollar rallies as oil climbs, housing starts rebound - PressFrom - Canada
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MoneyCanadian dollar rallies as oil climbs, housing starts rebound

17:51  08 april  2019
17:51  08 april  2019 Source:   reuters.com

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The Canadian dollar was little changed against a broadly stronger greenback on Friday as oil and stock prices rebounded , but the loonie lost ground for Canada exports many commodities, including oil , and runs a current account deficit so its economy could suffer if the flow of trade or capital slows.

TORONTO (Reuters) - The Canadian dollar was little changed against a broadly stronger greenback on Friday as oil and stock prices rebounded , but the loonie lost ground for the week as investors worried about threats to the global growth outlook.

Canadian dollar rallies as oil climbs, housing starts rebound© Reuters/THOMAS WHITE Illustration photo of U.S. and Canada Dollar notes.

TORONTO (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Monday, recovering from a one-week low in the prior session as oil prices climbed to their highest this year and domestic data showed a 15.8% jump in March housing starts.

Gains for the loonie came as the U.S. dollar lost ground against a basket of major currencies. Investors squared positions before a European Central Bank meeting this week, boosting the euro.

The price of oil, one of Canada's major exports, was supported by OPEC supply cuts, U.S. sanctions against Iran and Venezuela and fighting in Libya as well as strong U.S. jobs data. U.S. crude oil futures rose 1.2% to $63.84 a barrel.

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The Canadian dollar strengthened against the greenback on Tuesday, adding to this year's gains as oil prices climbed and as risk appetite was boosted Wall Street rallied as investors were heartened by a tentative congressional spending deal to avoid another U.S. government shutdown and after U.S

The Canadian dollar strengthened to its highest in nearly three weeks against the greenback on Friday as stocks and oil prices climbed and after domestic data showed further jobs gains, ahead of next Wall Street rebounded after a strong U.S. payrolls report and remarks from Federal Reserve

Canadian housing starts climbed in March to a seasonally adjusted annualized rate of 192,527 units after slowing to a revised 166,290 units in February.

At 9:56 a.m. (1356 GMT), the Canadian dollar was trading 0.4% higher at 1.3340 to the greenback, or 74.96 U.S. cents. The currency, which touched on Friday its weakest since March 29 at 1.3403, traded in a range of 1.3340 to 1.3386.

Data on Friday from the U.S. Commodity Futures Trading Commission and Reuters calculations showed that speculators have raised their bearish bets on the Canadian dollar. As of April 2, net short positions had increased to 44,323 contracts from 39,571 in the prior week.

More than six months after the United States, Mexico and Canada agreed a new deal to govern more than $1 trillion in regional trade, the chances of the countries ratifying the pact this year are receding.

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The Canadian dollar strengthened against the greenback on Tuesday, adding to this year’s gains as oil prices climbed and as risk appetite was boosted by the potential de-escalation of the trade dispute between the United States and China. Wall Street rallied as investors were heartened by a tentative

The Canadian economic outlook remains uncertain. Weak oil prices and relatively low interest rates have kept the Canadian dollar down against the U.S. dollar . Sentiment suggests a turnaround may be coming soon.

Canadian government bond prices were lower across the yield curve, with the 10-year falling 8 Canadian cents to yield 1.709%.

(Reporting by Fergal Smith; Editing by David Gregorio)

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