The U.S. dollar fell against a basket of major currencies after U.S. President Donald Trump raised the possibility of delaying the nation's Nov. 3 presidential election, and it is on track for its worst monthly performance in a decade as the spread of the coronavirus continues to weigh on the U.S. economy.
The loonie was unable to take advantage of a weaker greenback because of the slide in oil prices, said Tony Valente, a senior FX dealer at AscendantFX.
Trump has approved the existing Keystone pipeline to ship 29% more Canadian crude into the U.S. Midwest and Gulf Coast after TC Energy Corp's decade-old expansion project was stalled again this month by legal hurdles.
Easing of COVID-19 restrictions are not yet reflected in May payroll employment, with the number of Canadians receiving pay from their employer falling by 4.1%, data from Statistics Canada showed.
Canada's GDP report for May is due on Friday. It is expected to show some economic recovery after a sharp contraction in April.
Canadian government bond yields were lower across the curve in sympathy with U.S. Treasuries on Thursday. The 10-year fell 3.1 basis points to 0.448%, which was about its lowest since May 15. (Reporting by Fergal Smith Editing by Alistair Bell and Jonathan Oatis) (([email protected]; +1 416 941 8113;)) Keywords: CANADA FOREX/ (CORRECTED, UPDATE 1)
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