CANADA FX DEBT-C$ weakens as oil retreats, erodes last week's gains

Published 2016-07-18, 09:43 a/m
© Reuters.  CANADA FX DEBT-C$ weakens as oil retreats, erodes last week's gains
USD/CAD
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CL
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CA2YT=RR
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CA10YT=RR
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* Canadian dollar at C$1.2974, or 77.08 U.S. cents

* Bond prices slightly lower across the maturity curve

* 10-year yield touches a three-week high at 1.147 percent

TORONTO, July 18 (Reuters) - The commodity-linked Canadian dollar edged lower against its U.S. counterpart on Monday, paring last week's gains as oil prices retreated.

Oil prices fell as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals. U.S. crude CLc1 prices were down 1.65 percent at $45.19 a barrel. O/R

At 9:22 a.m. EDT (1322 GMT), the Canadian dollar CAD=D4 was trading at C$1.2974 to the greenback, or 77.08 U.S. cents, weaker than Friday's close of C$1.2937, or 77.30 U.S. cents.

The currency's strongest level of the session was C$1.2931, while its weakest was C$1.2977.

Still, the loonie rose 0.8 percent last week as a somewhat optimistic update from the Bank of Canada lowered expectations for an interest rate cut. implied probability of a rate cut this year has fallen below 10 percent, overnight index swaps data showed. It had been above 30 percent in the week following the British referendum vote on June 23 to leave the European Union. BOCWATCH

Foreign investors snapped up relatively large amounts of Canadian securities for the fifth month in a row in May, purchasing a net C$14.73 billion worth, Statistics Canada said on Monday. increased bullish bets on the loonie for the third straight week, Commodity Futures Trading Commission data showed on Friday. Net long Canadian dollar positions rose to 17,175 contracts in the week ended July 12 from 11,517 contracts in the prior week. Monday, Canadian government bond prices were slightly lower across the maturity curve, with the two-year CA2YT=RR price down 0.5 Canadian cent to yield 0.572 percent and the benchmark 10-year CA10YT=RR falling 5 Canadian cents to yield 1.087 percent.

The 10-year yield touched its highest since June 27 at 1.147 percent.

Canadian small business lending picked up slightly in May from April to halt a five-month slide, PayNet data showed on Monday, but appetite for loans remained subdued and a measure of delinquencies hit its highest since 2011. retail sales data for May and inflation data for June are awaited on Friday.

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