Canadian dollar falls as greenback advances broadly

By talking magic fingers -


 The Canadian currency fell against the U.S. dollar on Thursday as the greenback rose versus a basket of major currencies and the Bank of Canada repeated its potential rate cuts.

After trading between 1.3715 and 1.3763, the loonie fell 0.2% to 1.3750, or 72.73 U.S. cents.
"The U.S. dollar has maintained its bid tone since last week's stronger-than-expected nonfarm payrolls report," said Convera Canada ULC senior market analyst Michael Goshko.
The U.S. dollar after the Federal Reserve on Wednesday delayed interest rate decreases until December, despite a weaker May producer price inflation report that weighed on Treasury yields.
Friday's data revealed the U.S. economy added more jobs than projected in May. The BoC reduced rates last week, becoming the first G7 central bank to do so.
On Thursday, at a conference in Ottawa, BoC Deputy Governor Sharon Kozicki reiterated the central bank's message that further cuts would follow if inflation eased, but policy choices would be made at each meeting.
At the BoC's July 24 policy meeting, money markets expect a 55% rate decrease.
Canada's main export, oil, rose 0.15% to $78.62 a barrel, while government bond yields fell across the curve, matching U.S. Treasury bonds.

The 10-year fell 5.5 basis points to 3.337% after hitting its lowest level since March 11 at 3.321%.

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