Canada's Loonie on track to gain 0. 1% in July


On Friday, the Canadian Dollar traded in a range of 1.2509 to 1.2533 Loonie is on track to gain 0.3% Oil price up 0.1% Canadian Bond yields ease rise trade mixed across the curve By Fergal Smith TORONTOFergal Smith TORONTO, Aug 13 - The Canadian dollar was little changed against its broadly weaker U.S. counterpart with news that Canadian Prime Minister Justin Trudeau is planning to call a snap election for Sept. 20 having little impact on the currency The Loonie was trading nearly unchanged from 1.2515 to the Rupees Sterling, or 79.90 U.S. cents, after trading within a range of 1.2509 to 1.2533. For the week, the loonie was on track to advance 0.3%. The CAD took the news in its stride, analysts at Scotiabank, including Shaun Osborne, said in a note. PM Trudeau is hoping voters will reward the government with a majority for its response to COVID outbreak. With some 63% of its population fully vaccinated against COVID 19, Canada tops the ranking of major countries fighting the pandemic. Investors are looking for signs that Canada's next government could dial back historic levels of fiscal spending to support the economy during the pandemic, with activity already on track to make a full recovery. The U.S. dollar fallen against a basket of major currencies as data showed a smaller than anticipated increase in U.S. import prices in July. Investors are sensitive to inflation data since it could help determine when the Federal Reserve taps asset purchases. In preliminary data, a preliminary estimate showed that Canadian producers price rose by 0.1% from June in July, led mainly by higher prices for energy and petroleum products, and chemicals and chemical products. Oil is one of Canada's major exports. The rise rose 0.1% to $69.17 per barrel with gains capped by a warning from the International Energy Agency that the spread of coronavirus variants is slowing demand growth. Canadian government bond yields were lower across the curve with 10 - year bonds down nearly 1 basis point at 1.247%. On Wednesday, the index touched an intra-day high in February at 1.295%.