Canadian dollar advances following sharp decline, commodities mixed

TORONTO – The Canadian dollar closed higher Monday in quiet holiday trading.

The loonie clawed back some of Friday’s tumble of three-quarters of a cent, rising 0.56 of a cent to 93.98 cents US.

There was a dearth of Canadian economic news, but traders took in U.S. data on pending home sales for November that suggested sales are stabilizing after several months of declines.

The National Association of Realtors said its seasonally adjusted pending home sales index ticked up to 101.7 from 101.5 in October. The figure for October was revised lower from an initial reading of 102.1.

Later in the week, the latest readings on house prices, consumer confidence and the American manufacturing sector will also be released.

Commodity prices were mixed with February crude on the New York Mercantile Exchange down $1.03 to US$99.29 a barrel.

March copper was unchanged at US$3.38 a pound while February gold bullion lost $10.20 to US$1,203.80 an ounce.