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The Canadian dollar pushed higher on Friday, as data showing a wider-than-expected US current account shortfall stoked fears about the US trade position, while bonds eased in tandem with falling US Treasuries. The Canadian dollar was at C$1.1816 to the US dollar, or 84.63 US cents, up from C$1.1848, or 84.40 US cents, at Thursday's close.
The currency gained overnight as the US dollar came off its highs versus the euro, ahead of some crucial US data. The US current account deficit narrowed in the second quarter to $195.7 billion - analysts had forecast a deficit of $193 billion - while the previous quarter's record deficit was revised even higher.
The data sent the greenback lower, but the impact was muted by a report showing that June net inflows into US assets were sufficient to finance the US trade shortfall.
"The US current account balance wasn't too hot, but the net foreign securities purchases were pretty good," said Ted Gould, a trader at Investors Bank & Trust in Boston.
The weak US balance sheet has been a weight on the greenback over the last few years, helping drive the Canadian dollar up about 30 percent in 2003-2004.
The currency has held just shy of 9-month highs this week despite oil prices that have declined from the $70-per-barrel level of a few weeks ago. On Friday, crude slid below $65, giving the currency little impetus to reach new highs.

Copyright Reuters, 2005

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