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CANADA FX DEBT-C$ edges lower, in narrow range, as Americans vote

Published 2018-11-06, 10:25 a/m
© Reuters.  CANADA FX DEBT-C$ edges lower, in narrow range, as Americans vote
USD/CAD
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CL
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CA10YT=RR
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DXY
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* Canadian dollar dips 0.1 percent against the greenback

* Canadian building permit values rise 0.4 percent in September

* Price of U.S. oil falls 0.2 percent

* Canadian bond prices little changed across yield curve

TORONTO, Nov 6 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Tuesday, but stuck to a narrow trading range as Americans began casting votes in U.S. midterm congressional elections that could help shape prospects for the greenback.

At 10:08 a.m. (1508 GMT), the Canadian dollar CAD=D4 was trading 0.1 percent lower at 1.3124 to the U.S. unit, or 76.20 U.S. cents. The currency traded in a range of 1.3106 to 1.3132.

Investors were focused on whether congressional elections could disrupt the stellar run of the U.S. dollar .DXY over recent months. The greenback was little changed on Tuesday against a basket of major currencies. price of oil, one of Canada's major exports, fell after Washington granted sanctions exemptions to top buyers of Iranian oil. U.S. crude CLc1 prices were down 0.2 percent at $62.97 a barrel. value of Canadian building permits increased by 0.4 percent in September from August, matching analysts' estimates, data from Statistics Canada showed. Compared to the same month last year, permit values were down 0.6 percent. make-up of activity in Canada's economy has been moving away from housing and consumption toward business investment and exports, the Bank of Canada said in a quarterly report last month as it hiked interest rates for a fifth time since July 2017. Monday, Bank of Canada Governor Stephen Poloz told a business audience in London that market volatility, a stronger U.S. dollar and higher yields for long-term bonds were signs that markets are becoming more normal, rather than an indication of trouble. markets expect another rate hike by January. BOCWATCH

Canadian government bond prices were little changed across the yield curve, with the 10-year CA10YT=RR rising 1 Canadian cent to yield 2.516 percent.

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