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INV: Canadian dollar little changed on weak oil prices
Investing.com - The Canadian dollar was little changed against its broadly weaker U.S. counterpart on Monday as gains were held in check by weaker prices for oil, a major Canadian export.
USD/CAD was at 1.3377 by 09.40 ET, not far from Friday’s close of 1.3375.
The U.S. dollar remained broadly weaker as doubts about the Trump administration’s ability to deliver on campaign economic pledges rattled investors.
A planned vote on a healthcare overhaul was pulled late Friday after it didn’t gather enough support from Republicans.
The vote had been viewed by investors as a critical test of President Trump's ability to work with Congress to deliver on his pro-growth economic agenda, including tax cuts and infrastructure spending.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.87% at 98.87, its lowest trough since November 11.
The index had surged to almost 14-year highs in early January on the back of expectations for a strong economic recovery and higher inflation, the so called ‘Trump Trade’.
Gains for the loonie, as the Canadian dollar is also known, were checked as oil prices fell towards $50 a barrel amid a lack of clarity on whether an OPEC-brokered output cut will be extended beyond June in a bid to support the market.
Friday’s lackluster domestic inflation data also weighed on the Canadian dollar.
The annual inflation rate dipped to 2.0% in February from 2.1% in January, Statistics Canada said, in a report that gave the Bank of Canada leeway to keep interest rates on hold for longer.