CANADA FX DEBT-C$ dips as lower oil prices offset robust factory data

Published 2018-01-19, 09:32 a/m
© Reuters.  CANADA FX DEBT-C$ dips as lower oil prices offset robust factory data
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$1.2444, or 80.36 U.S. cents

* Oil price slides 1.1 percent

* Bond prices edge higher across much of the yield curve

* 10-year yield posts a three-year high intraday at 2.237 percent

TORONTO, Jan 19 (Reuters) - The Canadian dollar dipped against its U.S. counterpart on Friday as lower prices of oil, one of Canada's major exports, offset domestic data showing the biggest increase in manufacturing sales in 2-1/2 years.

Canadian manufacturing sales jumped 3.4 percent in November on strength in transportation equipment and petroleum and coal products, Statistics Canada said. Analysts in a Reuters poll had forecast a 2.0 percent gain. crude CLc1 prices were down 1.1 percent at $63.22 a barrel as a bounce-back in U.S. production outweighed ongoing declines in crude inventories. 9:15 a.m. EST (1415 GMT), the Canadian dollar CAD=D4 was trading 0.2 percent lower at C$1.2444 to the greenback, or 80.36 U.S. cents.

The currency traded in a range of C$1.2400 to C$1.2453. It is on course to rise 0.1 percent for the week.

On Wednesday, the Bank of Canada raised its benchmark interest rate by 25 basis points to 1.25 percent, its highest since January 2009, after recent data showed stronger inflation and strong job growth.

But expectations for additional rate hikes over the coming months were tempered after the central bank said the future of the North American Free Trade Agreement was the most significant downside risk the economy faced.

Talks in Montreal later this month to update NAFTA will be extended by one day, officials said on Thursday, as Mexico and the United States exchanged barbs. investment in Canadian securities, particularly bonds, remained strong in November and was on track to hit an annual record, separate data showed. government bond prices were slightly higher across much of the yield curve, with the two-year CA2YT=RR up 1.5 Canadian cents to yield 1.804 percent and the 10-year CA10YT=RR rising 3 Canadian cents to yield 2.219 percent.

The 10-year yield touched its highest intraday since September 2014 at 2.237 percent.

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