Loonie at 73.10 U.S. cents
gained ground against its U.S. counterpart on Monday, but by a lesser degree than some other G10 currencies as oil prices fell and investors awaited a Bank of Canada interest rate decision.
“The U.S. dollar is weaker against everything. In a soft U.S. dollar environment Canada typically lags on the crosses,” said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC. “It’s not just that pattern but also a little hesitancy ahead of Wednesday’s central bank meeting.” The U.S. dollar fell against a basket of currencies as U.S. Treasury yields retreated after the 10-year rate briefly breached the 5% level for the first time since 2007.
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