CANADA FX DEBT-C$ firms as investors rethink Fed hike likelihood

Published 2015-10-05, 09:28 a/m
CANADA FX DEBT-C$ firms as investors rethink Fed hike likelihood
USD/CAD
-
LCO
-
CL
-
CA2YT=RR
-
CA10YT=RR
-

* Canadian dollar at C$1.3114 or 76.25 U.S. cents
* Bond prices lower across the maturity curve

OTTAWA, Oct 5 (Reuters) - The Canadian dollar strengthened
against the greenback on Monday as investors tried to gauge how
long the U.S. Federal Reserve will keep interest rates at
ultra-low levels following last week's disappointing jobs report
south of the border.
* Markets have been expecting the Fed will begin to raise
rates before the end of the year but data on Friday that showed
the U.S. added 142,000 jobs last month, far below expectations,
raised some doubts.
* That put pressure on the U.S. dollar on Monday to the
benefit of the Canadian dollar. Since hitting an 11-year low at
the end of September, the loonie has gained 2.5 percent.
* Near-term risk for the Canadian dollar will be centered on
the broader tone ahead of key releases due later this week,
including Canada's trade balance on Tuesday and the domestic
jobs report on Friday, Eric Theoret, foreign exchange strategist
at Scotiabank, wrote in a note.
* Traders will look for support levels for the U.S.
dollar-Canadian dollar pairing at C$1.3013 and C$1.2950, Theoret
said.
* At 9:04 a.m. ET (1304 GMT), the Canadian dollar
was trading at C$1.3114 to the greenback, or 76.25 U.S. cents,
stronger than the Bank of Canada's official close of C$1.3164,
or 75.96 U.S. cents.
* The currency's strongest level of the session was
C$1.3065, while its weakest level was C$1.3175.
* Stable oil prices also provided support for the Canadian
dollar. U.S. crude CLc1 prices were up 1.84 percent to $46.38,
while Brent crude LCOc1 added 2.26 percent to $49.22.
* Canadian government bond prices were lower across the
maturity curve, with the two-year CA2YT=RR price down 0.5
Canadian cent to yield 0.508 percent and the benchmark 10-year
CA10YT=RR falling 14 Canadian cents to yield 1.418 percent.
* The Canada-U.S. two-year bond spread was -8.10 basis
points, while the 10-year spread was -59.6 basis points.

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