Newspaper article The Canadian Press

Canadian Dollar Moves Lower for Eighth Session, Commodity Prices Advance: Canadian Dollar Extends String of Losses

Newspaper article The Canadian Press

Canadian Dollar Moves Lower for Eighth Session, Commodity Prices Advance: Canadian Dollar Extends String of Losses

Article excerpt

TORONTO - The Canadian dollar closed lower Friday amid higher commodity prices and a lack of market-moving news from the eurozone.

The loonie slipped 0.23 of a cent to 97.13 cents US after closing lower the previous seven sessions with traders exercising caution ahead of a long weekend in the United States, where markets will be closed Monday for Memorial Day.

Commodity prices were higher after demand worries and a higher U.S. dollar sent oil, copper and gold to multi-month lows earlier this week.

The July crude contract on the New York Mercantile Exchange shed early losses to gain 20 cents to US$90.86 a barrel following positive U.S. consumer data. The University of Michigan's widely-watched index came in at 79.3 for this month, up from 76.4 in April.

The July copper contract on the Nymex was up two cents at US$3.45 a pound while gold bullion gained $11.40 to US$1,565.90 an ounce.

The dollar has lost 4.13 cents so far this month. The growing possibility that Greece will leave the euro has seen traders avoid risk in the forms of equities, commodities and resource-based currencies such as the loonie. …

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