TORONTO, May 1 (Reuters) – The Canadian dollar edged lower against its U.S. counterpart on Friday but held much of its weekly gain, as domestic data showed Canada’s manufacturing sector expanded in April at the fastest pace in nearly four years.
The loonie was trading 0.1% lower at 1.3585 per U.S. dollar, or 73.61 U.S. cents, after moving in a range of 1.3551 to 1.3593. For the week, the loonie was up 0.6%, notching its fourth straight weekly gain.
“In the shorter run, elevated energy prices may keep market focus on the risk of tighter BoC monetary policy,” Shaun Osborne and Eric Theoret, strategists at Scotiabank, said in a note. “At the same time, the Canadian economy has rebounded well after the late 2025 dip in growth.”
The ?S&P Global Canada Manufacturing Purchasing Managers’ Index rose to 53.3 last month from 50.0 in March, marking the…
