Loonie at 73.80 U.S. cents
was little changed against its U.S. counterpart on Monday, with the currency steadying near its weakest level in two and a half months as higher bond yields helped underpin the greenback against its major peers.
“It’s just getting bullied by the broader U.S. dollar moves,” said Amo Sahota, director at Klarity FX in San Francisco. “The U.S. dollar is looking super-attractive as U.S. yields go higher again.” An uncertain outlook for China’s economy has added to recent pressure on Canada’s commodity-linked currency, Sahota said.Canadian retail sales data for June, due on Wednesday, could offer clues on the strength of the domestic economy after it was buffeted by labour strikes and wildfires in recent months. Analysts expect the level of sales to be unchanged compared to May.
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