The Canadian dollar was little changed against its U.S. counterpart on Tuesday after the pause of a high profile COVID-19 vaccine trial offset robust Chinese trade data, with the currency holding near an earlier five-week high.
Data showing that Chinese exports and imports climbed in September boosted the price of oil, one of Canada’s major exports.
U.S. crude oil futures rose 1.9 per cent to $40.17 a barrel but global equity markets were pressured by news that Johnson & Johnson has paused its COVID-19 vaccine candidate clinical trials because of an unexplained illness in a study participant.
The Canadian dollar was trading nearly unchanged at 1.3105 to the greenback, or 76.31 U.S. cents. The currency touched its strongest intraday level since Sept. 8 at 1.3095.
Last week, the Canadian dollar notched its largest gain since early June, helped by a rebound in oil prices and hopes for U.S. stimulus, as well as strong domestic jobs data.
Canadian government bond yields were lower across a flatter curve in sympathy with U.S. Treasuries on Tuesday as Canada’s market reopened following the Thanksgiving Day holiday.
The 10-year fell 3.6 basis points to 0.593 per cent, pulling back from its highest since Sept. 1 at 0.646 per cent earlier in the session.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.