Futures and Commodity Market News

Sun May 11, 2008

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Winnipeg, MB, May 05, 2008 (Resource News International via COMTEX) -- The Canadian dollar was stronger on Monday, as gains in crude oil, gold, and other commodities helped boost the currency.

The Canadian dollar closed out the North American session at 98.73 US cents (C$1.0129) on Monday. This compares with Friday's North American close of 98.11 US cents (C$1.0193).

With no significant domestic economic data releases on Monday, the Canadian currency found most of its direction from the gains seen in the outside commodity markets. Canada is net energy exporter, and a move to record highs above US$120 per barrel for crude oil futures helped underpin the country's currency.

While the Canadian dollar was higher on the day, the currency remained stuck in its recent trading range relative to the US dollar.

Canadian building permits data for March will be released on Tuesday. The Ivey Purchasing Managers Index for April will also be released Tuesday. Domestic jobs data for April will be released Friday.

Canadian bonds ended mostly lower on Monday in quiet, flow- driven trade.

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