C$ down for third straight week, bonds up

TORONTO - The Canadian dollar nudged higher against the greenback on Friday in thin trading with U.S. markets closed for the Independence Day holiday, but it was lower on the week, its third straight week of declines. The Canadian dollar closed at C$1.1617 to the U.S. dollar, or 86.08 U.S. cents, up from Thursday’s finish of C$1.1623 to the U.S. dollar, or 86.04 U.S. cents. On the week it dropped 0.6 percent. “It’s the Independence Day holiday that has created the illiquidity that one would expect. The market is just floating,” said Jack Spitz, managing director of foreign exchange at National Bank Financial. The Canadian dollar’s small gain on Friday came despite a drop in oil prices below $66 a barrel. Oil is a key Canadian export and its direction often influences the direction of the commodity-linked currency. There was... [read full story]                    

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