CANADA FX DEBT-C$ firms ahead of Fed chair pick, domestic jobs data

Published 2017-11-02, 09:43 a/m
© Reuters.  CANADA FX DEBT-C$ firms ahead of Fed chair pick, domestic jobs data
USD/CAD
-
CA2YT=RR
-
CA10YT=RR
-

* Canadian dollar at C$1.2844, or 77.86 U.S. cents

* Bond prices higher across the yield curve

TORONTO, Nov 2 (Reuters) - The Canadian dollar edged higher against its U.S. counterpart on Thursday, adding to its more stable profile this week as investors awaited President Donald Trump's decision on the next Federal Reserve chair and top-tier domestic data.

The loonie has fallen 6 percent since posting a more than two-year high in September at C$1.2063. But analysts say it has found support around C$1.2900, which is near the 50 percent retracement of the currency's rapid appreciation from May to September.

The loonie hit its weakest in over three months on Friday at C$1.2916, pressured by data which pointed to slower growth in Canada's economy in the third quarter after a rapid expansion in the first half of the year.

Domestic jobs data for October and September trade data are due on Friday.

Trump is expected to nominate Jerome Powell to head the U.S. central bank. Powell is seen as more dovish than some other leading candidates. 9:27 a.m. ET (1327 GMT), the Canadian dollar CAD=D4 was trading at C$1.2844 to the greenback, or 77.86 U.S. cents, up 0.2 percent.

The currency traded in a range of C$1.2824 to C$1.2876.

Prices of oil, one of Canada's major exports, slipped from two-year highs but sentiment remained strong as supply cuts by the Organization of the Petroleum Exporting Countries and other major exporters tightened the market and drained inventories. of Canada Governor Stephen Poloz said on Wednesday that while monetary policy decisions will have an effect on the Canadian dollar, oil prices will have the biggest long-term impact on the currency. government bond prices were higher across the yield curve in sympathy with U.S. Treasuries. The two-year CA2YT=RR firmed 0.5 of a Canadian cent to yield 1.414 percent and the 10-year CA10YT=RR gained 11 Canadian cents to yield 1.961 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.