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The Canadian dollar ended lower against the US dollar on Friday as commodity prices fell and worries persisted about the health of the US economy and the potential for spillover effects on Canada. Canadian bond prices ended mixed, but mostly higher, as investors squared their books ahead of month's end.
The Canadian currency closed at C$1.0215 to the US dollar, or 97.90 US cents, down from C$1.0184 to the US dollar, or 98.19 US cents, at Thursday's close. For the week, the Canadian dollar eked out a 0.002 percent gain. The currency has been unable to attract the attention of buyers, despite robust prices for commodities, which make up roughly half of Canadian exports. Commodity prices were lower on Friday, but remained near recent record highs.
The range-bound Canadian dollar has been shackled by fears that a deep US downturn could hurt demand for commodities and derail Canada's economic growth. With the Canadian dollar sticking stubbornly around parity with the greenback, and US demand evaporating, trade will remain a heavy anchor on growth this year, the note said.

Copyright Reuters, 2008

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