CANADA FX DEBT-C$ strengthens to nearly 3-week high as oil rises

Published 2016-10-18, 09:44 a/m
© Reuters.  CANADA FX DEBT-C$ strengthens to nearly 3-week high as oil rises
USD/CAD
-
CL
-
CA2YT=RR
-
CA10YT=RR
-

* Canadian dollar at C$1.3076, or 76.48 U.S. cents

* Bond prices lower across the yield curve

By Fergal Smith

TORONTO, Oct 18 (Reuters) - The Canadian dollar strengthened to a nearly three-week high against its U.S. counterpart on Tuesday as risk appetite and oil rose and domestic manufacturing data reinforced expectations that broad economic growth rebounded in the third quarter.

Manufacturing sales rose by 0.9 percent from July to hit C$51.12 billion, stronger than the 0.2 percent gain market analysts polled by Reuters had forecast. In volume terms, sales climbed by 1.2 percent.

"All in all it is a pretty decent report," said Andrew Kelvin, senior rates strategist at TD Securities.

Kelvin doubted the data will have much impact on the Bank of Canada, which makes its interest rate decision on Wednesday. The central bank is expected to hold interest rates at 0.50 percent as it waits to see how the economic bounce-back it is anticipating in the second half of the year unfolds.

U.S. crude CLc1 prices were up 1.06 percent to $50.47 a barrel, helped by a weaker dollar and the notion that global markets oversupply may be moderating, ahead of a November meeting of OPEC producers that could decide to cut production. O/R

Rising commodity prices helped pull global stock markets higher. losses for the U.S. dollar were pared as a rise in U.S. consumer prices suggested a steady build-up of inflation pressures that could keep the Federal Reserve on track to raise interest rates in December. 9:27 a.m. EDT (1327 GMT), the Canadian dollar CAD=D4 was trading at C$1.3076 to the greenback, or 76.48 U.S. cents, stronger than Monday's close of C$1.3130, or 76.16 U.S. cents.

The currency's weakest level of the session was C$1.3133, while it touched its strongest since Sept. 29 at C$1.3051.

EU governments were set to fail to approve a free trade deal with Canada as they struggled to overcome regional opposition in Belgium that threatens to scupper the entire deal. government bond prices were lower across the yield curve, with the two-year CA2YT=RR price down 0.5 Canadian cent to yield 0.604 percent and the benchmark 10-year CA10YT=RR falling 16 Canadian cents to yield 1.239 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.