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CANADA FX DEBT-C$ weakens slightly against broadly firmer greenback

Published 2016-10-11, 09:50 a/m
© Reuters.  CANADA FX DEBT-C$ weakens slightly against broadly firmer greenback
USD/CAD
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* Canadian dollar at C$1.3190, or 75.82 U.S. cents

* Bond prices lower across steeper yield curve

* 10-year yield touches three-week high at 1.235 percent

TORONTO, Oct 11 (Reuters) - The Canadian dollar weakened slightly against its U.S. counterpart on Tuesday as the greenback made broad-based gains and oil prices steadied.

Modest losses for the loonie came one day after its biggest rally since June as oil surged and doubts grew over Republican presidential candidate Donald Trump's prospects to win the White House in the Nov. 8 election.

Trump has said he would renegotiate or scrap the North American Free Trade Agreement if he is elected.

The U.S. dollar .DXY rose to an 11-week high against a basket of major currencies as investors upped their bets on the U.S. Federal Reserve raising interest rates before the end of the year. steadied amid concerns that a production cut by the world's largest exporters might not be enough to erode a two-year global crude surplus. The price of U.S. crude CLc1 fell 0.14 percent to $51.28 a barrel. O/R

At 9:23 a.m. EDT (1323 GMT), the Canadian dollar CAD=D4 was trading at C$1.3190 to the greenback, or 75.82 U.S. cents, slightly weaker than Monday's close of C$1.3175, or 75.90 U.S. cents, according to Reuters data.

The Canadian currency's strongest level of the session was C$1.3164, while its weakest was C$1.3238.

The loonie's official close on Friday was C$1.3285 to the greenback, or 75.27 U.S. cents. Monday was a market holiday in Canada.

Still, the loonie rose against some other major currencies. Against the euro, it touched its strongest level in more than two weeks at C$1.4616.

Canadian housing starts surged in September compared with August, the national housing agency reported on Tuesday. The seasonally adjusted annualized rate of housing starts rose to 220,617 units from a 184,201-unit rate in August. stronger-than-expected housing starts followed data on Friday which showed the economy created 67,200 jobs in September, far more than expected.

Speculators increased bearish bets on the Canadian dollar, Commodity Futures Trading Commission data showed on Friday. Net short Canadian dollar positions increased to 14,077 contracts in the week ended Oct. 4 from 11,615 in the prior week. government bond prices were lower across a steeper yield curve in sympathy with U.S. Treasuries. The two-year CA2YT=RR fell 2.5 Canadian cents to yield 0.606 percent and the benchmark 10-year CA10YT=RR declined 38 Canadian cents to yield 1.211 percent.

The 10-year yield touched its highest level since Sept. 20 at 1.235 percent.

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