By Commodity News Service Canada
WINNIPEG, August 7 – The Canadian dollar was slightly weaker relative to the US dollar on Thursday, as traders continued to avoid riskier assets amid worries about political problems in Russia and Ukraine, analysts said.
The Canadian dollar closed at US$0.9157 or US$1=C$1.0921 on Thursday, which compares with Wednesday’s North American settlement of US$0.9163 or US$1=C$1.0913.
Strength in crude oil and gold prices helped to limit the Canadian dollar’s decline, as did positive Canadian building permits data.
Statistics Canada said C$8 billion worth of building permits were taken out by contracts in June, a 13.5 per cent jump from May.
Traders were being cautious ahead of Friday’s Canadian employment data for July, which is expected to show around 20,000 new jobs were created during the month.
Canadian bonds ended higher, following the US Treasury market amid ongoing concerns about political problems in the Black Sea Region, brokers said.
The two-year bond yielded 1.071% late Thursday, from 1.084% late Wednesday. The 10-year bond yielded 2.078%, from 2.108%. Bond yields fall as their prices rise.
