TORONTO, May 29 - The Canadian dollar weakened against its U.S. counterpart on Wednesday as concern that central banks could leave interest rates at elevated levels longer than previously thought raised demand for the safe-haven greenback.
"Really, it's a dollar move. The Canadian dollar has fallen today in line with the rest of the G10 complex," said Erik Nelson, a currency strategist at Wells Fargo in London. U.S. government bond yields pushed to a near four-week peak, lifting their global counterparts and pressuring stocks, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts.
Investors were awaiting Canadian gross domestic product data on Friday, expected to show the economy expanding at an annualized rate of 2.2% in the first quarter.
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