CANADA FX DEBT-C$ holds near three-week high amid auto trade optimism

Published 2018-07-05, 10:00 a/m
© Reuters.  CANADA FX DEBT-C$ holds near three-week high amid auto trade optimism
USD/CAD
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CA2YT=RR
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CA10YT=RR
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* Canadian dollar at C$1.3132, or 76.15 U.S. cents

* Bond prices trade little changed across the yield curve

TORONTO, July 5 (Reuters) - The Canadian dollar edged higher against its U.S. counterpart on Thursday, holding near its strongest in nearly three weeks, as the greenback broadly fell and investors' hopes rose that European carmakers could be spared from U.S. tariffs.

At 9:35 a.m. EDT (1335 GMT), the Canadian dollar CAD=D4 traded 0.1 percent higher at C$1.3132 to the greenback, or 76.15 U.S. cents. The currency traded in a range of C$1.3116 to C$1.3161.

On Wednesday, the loonie touched its strongest since June 15 at C$1.3113 as investors braced for a potential Bank of Canada interest rate hike next week.

Stocks rose on signs that Washington may ease back on plans for tariffs on European cars, with automaker shares higher across the board, offsetting further signs of trade tension with China. runs a current account deficit so its economy could be hurt if the flow of trade or capital slows.

The country has its own trade dispute with the United States and is contending with slow-moving talks to revamp the North American Free Trade Agreement, while U.S. President Donald Trump has threatened to impose tariffs on Canada's autos.

The U.S. dollar .DXY fell against a basket of major currencies as strong German industrial orders and hopes over a softening in U.S. trade rhetoric boosted the euro. price of oil, one of Canada's major exports, held near its highest in 3-1/2 years, boosted by potential disruptions to flows from Iran and the Middle East. Also in the mix was a fresh demand from U.S. President Donald Trump that the Organization of the Petroleum Exporting Countries cut prices. crude CLc1 prices were down 0.4 percent to $73.84 a barrel.

Canadian government bond prices were little changed, with the two-year CA2YT=RR flat to yield 1.913 percent and the 10-year CA10YT=RR rising 1 Canadian cent to yield 2.162 percent.

Canadian auto sales slipped for the fourth straight month in June, declining 1.6 percent from a year earlier, according to industry data released on Wednesday. employment report for June and trade data for May are due out on Friday.

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