Budrigantrade review Canadian dollar falling against other currencies
Budrigantrade.com - As the United States said that Russia might create a surprise pretext for an attack on Ukraine, shares around the world dropped and the safe-haven U.S. dollar gained ground against a basket of major currencies.
Investors weighed warnings that Russia could invade Ukraine at any time and the reopening of a major trade route between Canada and the United States, causing the Canadian dollar to edge lower against the greenback on Monday.
Still, the price of oil, one of Canada's main exports, was lowered as a result of Ukraine's hints about possible concessions to Russia.
U.S. unrefined costs fell 0.6% to $92.55 a barrel, while the Canadian dollar was exchanging 0.1% lower at 1.2752 to the greenback, or 78.42 U.S. pennies. At 1.2783, it reached its weakest intraday level since February 4.
The Canada Border Services Agency reported late Sunday evening that the busiest trade route in North America reopened for business after a six-day blockade was lifted after protesters battling to lift COVID-19 restrictions were cleared by Canadian police.
On Wednesday, the Bank of Canada's January inflation report could shed light on the likelihood of interest rate increases. The money markets anticipate that the central bank will tighten its monetary policy for the first time since October 2018 in order to combat inflation.
In line with the movement in U.S. Treasuries, Canadian government bond yields were higher across the curve.
After reaching its highest intraday level in nearly three years on Friday, the 10-year was up 3.3 basis points to 1.904%.
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