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CANADA FX DEBT-C$ slips on crude weakness, Fed rate signals

Published 2015-11-12, 04:48 p/m
CANADA FX DEBT-C$ slips on crude weakness, Fed rate signals
USD/CAD
-
LCO
-
CL
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CA2YT=RR
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CA10YT=RR
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* Canadian dollar ends at C$1.3282, or 75.29 U.S. cents
* Bond prices higher across the maturity curve

By Alastair Sharp
TORONTO, Nov 12 (Reuters) - The Canadian dollar tumbled to
its weakest in six weeks against the U.S. dollar on Thursday
before paring some losses, as falling crude oil prices and mixed
messages from the Federal Reserve on U.S. monetary policy
heightened investor jitters.
The loonie, as Canada's currency is colloquially known,
gyrated sharply, with its strongest level of the session notched
at C$1.3225 and its weakest at C$1.3342.
A heavy slate of appearances by Fed policymakers mostly
lined up behind a likely December interest rate hike, although
one top official said it could be well into 2016 before an
increase is justified.
"Playing this game of deciphering Fed messages is leading to
frustration and uncertainty from the market, and that manifested
itself today," said Adam Button, currency analyst at ForexLive
in Montreal. "Uncertainty breeds contempt."
Button expects to see the Canadian currency at C$1.40 by
mid-next year as oil production continues to outpace demand and
the Fed possibly raises rates multiple times.
"It's only a matter of time until the weakness in oil
clobbers the Canadian dollar," he said.
Oil prices LCOc1 CLc1 tumbled almost 4 percent on
Thursday, accelerating a slump that threatens to test new
six-and-a-half year lows. O/R
The Canadian dollar CAD=D4 settled at C$1.3282 to the
greenback, or 75.29 U.S. cents, weaker than Tuesday's official
close and Wednesday's 4 p.m. (2100 GMT) reading of C$1.3265
rate, or 75.39 U.S. cents.
A sharp drop in China's October bank lending fed concern
about the global growth outlook. It follows weak trade,
inflation and industrial production data from China this week
that has weighed on commodity markets.
Canadian government bond prices were higher across the
maturity curve, with the two-year CA2YT=RR up 2.5 Canadian
cents to yield 0.649 percent and the benchmark 10-year
CA10YT=RR up 5 Canadian cents to yield 1.703 percent.
Bank of Canada Senior Deputy Governor Carolyn Wilkins will
speak in Toronto on Friday morning, addressing the topic
"Innovation, Central-Bank Style."
Investors will also be looking forward to U.S. retail sales
data on Friday.

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