Canadian dollar steadies after hitting four-month low on dovish Bank of Canada GlobeInvestor
The Canadian dollar edged higher against its U.S. counterpart on Thursday but held near its lowest since January as oil prices dipped and after the Bank of Canada slashed its economic growth outlook the day before.
The price of oil, one of Canada’s major exports, edged lower but held near the highest in about six months as quality concerns forced the suspension of some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran.U.S. crude oil futures were down 0.2 per cent at $65.79 a barrel.
Data showing new orders for U.S.-made capital goods increased by the most in eight months in March helped support the U.S. dollar, which notched its highest in about two years against a basket of major currencies before turning lower.
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