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C$ gains despite GDP miss as US bond yields ease

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TORONTO, May 31 - The Canadian dollar rose against its U.S. counterpart on Friday as a drop in U.S. bond yields offset increased bets the Bank of Canada would begin cutting interest rates next week following the release of weaker-than-expected Canadian GDP data.

"The CAD is holding a minor gain on a soft-looking USD on the week," Shaun Osborne, chief currency strategist at Scotiabank, said in a note. The U.S. dollar and Treasury yields fell as data showed U.S. inflation tracked sideways in April and consumer spending weakened.

 

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