CANADA FX DEBT-C$ weaker after near-record trade deficit data

Published 2016-07-06, 09:31 a/m
© Reuters.  CANADA FX DEBT-C$ weaker after near-record trade deficit data
USD/CAD
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CA2YT=RR
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CA10YT=RR
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* Canadian dollar at C$1.3023, or 76.79 U.S. cents
* Bond prices higher across the maturity curve

TORONTO, July 6 (Reuters) - The Canadian dollar weakened
slightly against its U.S. counterpart on Wednesday, as Canada
posted a near-record trade deficit and concerns about global
growth weighed on sentiment.
The loonie, as the currency is colloquially known, lost
ground against the yen and euro but gained against the British
pound, as investor jitters about the implications of Britain's
vote to quit the European Union supported assets perceived as
safe havens.
The yield on Canadian government 10-year bonds touched their
lowest level since February.
At 9:02 a.m. EDT (1302 GMT), the Canadian dollar CAD=D4
was trading at C$1.3023 to the greenback, or 76.79 U.S. cents,
weaker than the Bank of Canada's official close of C$1.3016, or
76.83 U.S. cents.
Canada posted its second largest trade deficit on record in
May, a large negative surprise, as widespread export weakness
canceled out higher shipments from the battered energy sector,
government data indicated.
"The evidence on the weakness in the Canadian dollar so far
paying dividends for the non-energy economy is quite patchy,"
said Adam Cole, global head of currency strategy for RBC Capital
Markets in London.
"As long as that's the case it's a vulnerability for the
currency," he said, adding that further weakness this year would
likely not push the currency beyond C$1.35.
Canadian government bond prices were higher across the
maturity curve, with the two-year CA2YT=RR price up 2 Canadian
cents to yield 0.483 percent and the benchmark 10-year
CA10YT=RR rising 26 Canadian cents to yield 0.969 percent.
The Canada-U.S. two-year bond spread was -7.9 basis points,
while the 10-year spread was -39.5 basis points.

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