CANADA FX DEBT-C$ posts 10-day high as oil climbs, greenback falls

Published 2017-02-16, 09:33 a/m
© Reuters.  CANADA FX DEBT-C$ posts 10-day high as oil climbs, greenback falls
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* Canadian dollar at C$1.3044, or 76.66 U.S. cents

* Loonie touches its strongest since Feb. 6 at C$1.3010

* Bond prices higher across the yield curve

TORONTO, Feb 16 (Reuters) - The Canadian dollar strengthened to a 10-day high against its U.S. counterpart on Thursday as oil prices rose and the greenback pared recent gains against a basket of major currencies.

The U.S. dollar .DXY broke an 11-day winning streak even as a measure of U.S. business conditions jumped to its highest since 1984. Rising chances of a Federal Reserve interest rate hike as soon as March had supported the greenback this week.

Prices of oil, one of Canada's major exports, rose after Organization of the Petroleum Exporting Countries sources said the group could extend its supply reduction pact with non-members and might even apply deeper cuts if global crude inventories failed to drop to a targeted level. O/R

U.S. crude CLc1 prices were up 0.72 percent at $53.49 a barrel.

At 9:21 a.m. ET (1421 GMT), the Canadian dollar CAD=D4 was trading at C$1.3044 to the greenback, or 76.66 U.S. cents, stronger than Wednesday's close of C$1.3075, or 76.48 U.S. cents.

The currency's weakest level of the session was C$1.3080, while it touched its strongest since Feb. 6 at C$1.3010.

Gains for the loonie came one day after domestic data showed a jump in manufacturing sales volumes that boded well for fourth-quarter economic growth.

On Monday, U.S. President Donald Trump said he only wants to tweak trade ties with Canada, tempering investor concerns about the county's trade outlook.

Canada sends 75 percent of its exports to the United States, but took a step on Wednesday toward reducing reliance on its southern neighbor with the passage of the Comprehensive Economic and Trade Agreement, a trade deal between Canada and the EU. government bond prices rose across the yield curve in sympathy with U.S. Treasuries. The two-year CA2YT=RR edged up 2 Canadian cents to yield 0.806 percent and the 10-year CA10YT=RR firmed 14 Canadian cents to yield 1.766 percent.

On Wednesday, the 10-year yield touched a two-week high at 1.801 percent.

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