Canadian dollar edges lower as attention shifts to GDP data
(Recasts with strategist quotes, details; updates prices)
* Canadian dollar falls 0.1% against the greenback
* Loonie touches its strongest intraday since Nov. 22 at
* Price of U.S. oil decreases by 0.5%
* Canadian bond prices fall across the yield curve
By Fergal Smith
TORONTO, Nov 27 (Reuters) - The Canadian dollar weakened
slightly against the greenback on Wednesday, pulling back from
an earlier five-day high as investors awaited GDP data that
could guide expectations for the Bank of Canada's interest rate
Canada's third quarter gross domestic product data is due on
Friday. Economists expect the economy has slowed after expanding
by 3.7% annualized in the second quarter.
"I think we are in a hiatus move (for the loonie) until we
get the GDP data," said Amo Sahota, director at Klarity FX in
San Francisco. "That is going to be the key driver, otherwise I
think it is still trading risk-on, risk-off with the U.S.-China
trade agreement focus."
Wall Street's main indexes closed at record levels for a
third straight day in a muted volume session ahead of the
Thanksgiving holiday, as fresh data pointed to an economy on
solid footing. Investors remained cautiously optimistic about a
resolution to trade tensions between the United States and
The Bank of Canada, which will make a policy decision next
week, has expressed concern about the impact of trade conflicts
on Canada's commodity-linked economy.
The central bank is now expected to leave rates on hold
through to the end of next year, according to a slim majority of
economists in a Reuters poll. [nL4N2862WZ]
At 4:27 p.m. (2127 GMT), the Canadian dollar
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