A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto in this January 23, 2015, file photo. The Canadian dollar pared earlier session losses against its U.S. counterpart on Tuesday, strengthening after data showed January growth was better than feared. REUTERS/Mark Blinch/FilesMARK BLINCH/Reuters
The Canadian dollar closed the week at 75.10 cents (U.S.), basically unchanged from Thursday's close of 75.09 cents. This flat finish comes a day after the loonie tested a new 11-year low during Thursday's trading.
The loonie was flat despite West Texas Intermediate (WTI) crude creeping up above $45 U.S. a barrel. WTI gained 79 cents, settling at $45.70.
There was no fundamental economic data for the loonie to trade off on Friday. The first major piece of economic data comes next Wednesday when Statistic Canada releases month-over-month GDP data for August.
In the U.S., GDP numbers kicked off the trading day. The data came in at 3.9 per cent when a flat reading at 3.7 per cent was expected. This news gave the U.S dollar an immediate boost but that did not last.
Next week, currency traders will hear from U.S. Fed chair Janet Yellen who is due to speak at the Fed's annual community banking conference in St. Louis on Wednesday. Her speech could help currency traders assess whether an interest rate hike in the U.S. is coming by the end of the year.
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