CANADA FX DEBT-Oil drags Canadian dollar lower ahead of busy week

Published 2015-11-27, 04:39 p/m
© Reuters.  CANADA FX DEBT-Oil drags Canadian dollar lower ahead of busy week
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$1.3372, or 74.78 U.S. cents
* Bond prices mixed across the maturity curve

(Adds details, quotes, updates prices)
TORONTO/OTTAWA, Nov 27 (Reuters) - The Canadian dollar
weakened against a broadly firmer greenback on Friday, pressured
by a drop in crude oil prices amid fresh volatility in Chinese
stocks, while Canadian producer prices fell more than expected.
Crude oil futures fell as disappointing Chinese data and
worries over a global energy supply glut overshadowed
geopolitical concerns. The Canadian dollar has been hit this
year by the drop in the price of oil, a key export for the
country. O/R
Oil was also pressured by a drop in China equities after
Reuters reported the stock regulator had widened its probe on
brokerages to include the country's fourth-biggest securities
firm.
With oil down, "we're seeing the loonie take it on the
chin," said Rahim Madhavji, president at KnightsbridgeFX.com.
The Canadian dollar CAD=D4 ended the North American
session at C$1.3372 to the greenback, or 74.78 U.S. cents,
weaker than the Bank of Canada's official close of C$1.3294, or
75.22 U.S. cents. Volume was subdued the day after the U.S.
Thanksgiving Day holiday.
On the domestic front, Canadian producer prices fell 0.5
percent in October, a bigger drop than expected and the third
month of declines in a row.
After a relatively quiet week, investors face a slew of
domestic economic data next week, including figures on economic
growth, trade and the labor market. ECONCA
The Bank of Canada will also make an interest rate
announcement, though the central bank is widely expected to hold
rates at 0.50 percent. BOCWATCH
But investors are likely to be more focused on Friday's jobs
report south of the border with its implications for a potential
U.S. interest rate hike in December, said Madhavji.
"While those (Canadian) events can be significant catalysts,
for the most part, the elephant in the room is still the Federal
Reserve and interest rates," he said.
Canadian government bond prices were mixed across the
maturity curve, with the two-year CA2YT=RR down 1 Canadian
cent to yield 0.631 percent and the benchmark 10-year
CA10YT=RR rising 6 Canadian cents to yield 1.568 percent,
having hit a three-week low at 1.547 percent ahead of December 1
coupon and maturity payments.
Canada-U.S. spreads narrowed as Treasuries firmed following
the U.S. Thanksgiving Day holiday, with the 2-year spread at
-29.5 basis points and the 10-year spread at -65.4 basis points.

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