CANADA FX DEBT-C$ firms after finding support near three-month low

Published 2017-11-01, 05:27 p/m
© Reuters.  CANADA FX DEBT-C$ firms after finding support near three-month low
USD/CAD
-
CL
-
CA2YT=RR
-
CA10YT=RR
-

(Adds dealer quotes, details throughout; updates prices)

* Canadian dollar at C$1.2865, or 77.73 U.S. cents

* Bond prices lower across yield curve

By Fergal Smith

TORONTO, Nov 1 (Reuters) - The Canadian dollar edged higher against its U.S. counterpart on Wednesday after finding support near a more than three-month low hit last week, as the Federal Reserve left U.S. interest rates unchanged and investors braced for top-tier domestic data later in the week.

At 5 p.m. EDT (2100 GMT), the Canadian dollar CAD=D4 was trading at C$1.2865 to the greenback, or 77.73 U.S. cents, up 0.2 percent.

The currency traded in a range of C$1.2855 to C$1.2910. It touched its weakest level in over three months at C$1.2916 on Friday.

"We have seen some pretty good selling interest of Dollar-Canada on any move above C$1.29, hence why most of those moves above have been very, very short-lived," said Blake Jespersen, managing director, foreign exchange sales at BMO Capital Markets.

Market participants have also been reluctant to engage in "active position-taking" ahead of domestic jobs data for October and September trade data, which are due on Friday, Jespersen noted.

Canadian economic data on Wednesday showed that the pace of growth in the manufacturing sector slowed to a nine-month low in October. currency had been pressured since September by domestic data pointing to a slower growth in the third quarter after rapid expansion in the economy in the first half of the year and by a more dovish tone from the Bank of Canada.

In contrast, the Fed pointed to solid U.S. economic growth and a strengthening labor market, a sign it is on track to lift borrowing costs again in December. of oil, one of Canada's major exports, dipped in seesaw trade after weekly U.S. government inventory data showed the latest crude stock draw was not as big as an industry trade group had reported. crude CLc1 prices settled 8 cents lower at $54.30 a barrel. O/R

Canadian government bond prices were lower across the yield curve, with the two-year CA2YT=RR down 4.5 Canadian cents to yield 1.416 percent and the 10-year CA10YT=RR falling 18 Canadian cents to yield 1.974 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.