Loonie at 74.57 U.S. cents
edged lower against its U.S. counterpart on Tuesday, with the currency pulling back from a six-week high the day before as oil prices dipped and investors weighed prospects for U.S. monetary policy.
Wall Street stocks seesawed and the U.S. dollar rose against a basket of major currencies after comments by Federal Reserve Chair Jerome Powell that did not provide further clarity on the interest rate outlook.The price of oil, one of Canada’s major exports, was down 0.2 per cent at $74.51 a barrel after rising in the previous three days.
The Canadian dollar was trading 0.2 per cent lower at 1.3410 to the greenback, or 74.57 U.S. cents, after moving in a range of 1.3377 to 1.3427. On Monday, it touched its strongest intraday level in more than six weeks at 1.3355, supported by recent improvement in risk appetite and data last Friday that showed the Canadian economy adding much more jobs than expected in December.
The United States, Mexico and Canada will take steps to beef up the North American semiconductor industry, the White House said, as the three countries try to fix a dispute over Mexico’s energy policies that worries investors.The 10-year was up 6.4 basis points at 3.148 per cent, after touching on Monday its lowest intraday level in nearly three weeks at 3.064 per cent.
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