edged lower against its U.S. counterpart on Thursday as the recent rally lost some momentum and investors assessed economic for signs the U.S. economy is slowing down.
It follows six straight days of gains for the currency. On Wednesday, it touched a five-week high at 1.3589 as U.S. inflation data kept the door open to interest rate cuts this year. “Yesterday’s U.S. inflation was on point and retail sales were very soft. This was followed by more soft U.S. data today reinforcing that an economic slowdown is emerging.”
The price of oil, one of Canada’s major exports, settled 0.8 per cent higher at $79.23 a barrel, while Canadian government bond yields were mixed across a more deeply inverted curve.
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