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A Canadian dollar.JONATHAN HAYWARD/The Canadian Press

The Canadian dollar registered a solid gain Wednesday amid general U.S. dollar weakness and higher commodity prices.

The loonie rose 0.23 of a cent to end at 91.89 cents (U.S.).

Analysts pointed to low expectations for first-quarter U.S. gross domestic product growth, owing to the severe winter weather, and suggestions the American economy may have contracted during the January-March period.

"Accordingly, the expectations for Fed interest rate hikes have been pared back slightly," said Camilla Sutton, chief foreign exchange strategist at Bank of Nova Scotia.

Those expectations also sent the benchmark U.S. 10-year Treasury sharply lower. It slipped nine basis points on the day to 2.528 per cent, the lowest level since last October on a closing basis.

On the commodity markets, June crude in New York gained 67 cents to $102.37 a barrel.

July copper gained 2 cents to $3.16 a pound while June gold bullion rose $11.10 to $1,305.90 an ounce.

Statistics Canada releases the March report on manufacturing shipments on Thursday.

Traders will also look to the release of April existing home sales data Thursday morning.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 27/03/24 4:00pm EDT.

SymbolName% changeLast
BNS-N
Bank of Nova Scotia
+1.51%51.16
BNS-T
Bank of Nova Scotia
+1.4%69.42
CADUSD-FX
Canadian Dollar/U.S. Dollar
-0.01%0.73698

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