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Tuesday September 22, 2009 - 21:40:36 GMT
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Forex Market News - CANADA FX DEBT-C$ gains despite soft retail sales; bonds mixed

Tue Sep 22, 2009 5:33pm EDT

 * C$ closes up at 93.54 U.S. cents, bonds mixed
 * Retail sales figures disappoint
 * Fed, G20 meetings in focus this week
 (Adds details, updates prices)
 By Ka Yan Ng
 TORONTO, Sept 22 (Reuters) - The Canadian dollar finished
higher against the U.S. currency on Tuesday, supported by firm
commodity prices, as investors looked past a disappointing read
on consumer data.
 The currency closed at C$1.0691 to the U.S. dollar, or
93.54 U.S. cents, up from Monday's close of C$1.0775 to the
U.S. dollar, or 92.81 U.S. cents.
 Apart from a blip brought on by retail sales, which
unexpectedly fell in July from June [ID:nN22339158], the
currency was hemmed into a fairly tight range in the North
American session after reaching C$1.0661 to the U.S. dollar, or
93.80 U.S. cents overnight.
 The currency's rise follows a mood of caution that
characterized Monday's trading ahead of the U.S. Federal
Reserve policy meeting and this week's Group of 20 summit.
 "It's basically a mirror image to yesterday," said   
Brendan McGrath, senior trader at Custom House, a currency
services firm in British Columbia.
 "There was a fairly big retracement in dollar/Canada
overnight. There has been very little in the way of price
action. It's been kind of flat across the board," he said,
noting the session was highlighted by "hand-sitting" ahead of
the Fed.
 Wednesday's focus will be on the final day of the U.S.
central bank's two-day policy meeting. Market watchers will
look for the Fed to hold interest rates steady but will also
want to know if it will soon unwind some stimulus programs due
to a pickup in economic data.
 After the Fed, the spotlight turns to leaders from the
Group of 20 nations, who will meet in Pittsburgh this week.
Among major issues expected to be discussed will be bankers'
pay and the need to examine strategies for withdrawing state
economic stimulus measures. [ID:nLH78576]
 Still, the Canadian currency maintained a strong tone as  
investors scooped up assets perceived to be riskier. Toronto
and U.S. stocks gained on Tuesday, while key commodities such
as oil and gold were also higher.
 The Canadian dollar has often tracked stocks and resources
as a reflection of risk appetite.
 While the retail figures were disappointing, other July
indicators, such as solid reports on wholesale trade and
manufacturing, will likely keep the month's gross domestic
product in growth territory as the economy shifts out of
 "The fact that the July GDP result is on track for a
positive reading is a step in the right direction," said
Charmaine Buskas, senior economics strategist, at TD
 Canadian bond prices were mixed ahead of the Fed decision.
 The two-year bond CA2YT=RR was down 5 Canadian cents at
C$99.42 to yield 1.307 percent, while the 10-year bond
CA10YT=RR rose 1 Canadian cent to C$102.72 to yield 3.417
percent. The 30-year bond CA30YT=RR gained 70 Canadian cents
to C$118.55 to yield 3.898 percent.
 Late on Tuesday afternoon, the Bank of Canada said that it
will allow two temporary liquidity facilities to expire at the
end of October. The announcement was taken in stride by market
players because the move was seen as a reflection of the
improvement in market conditions as the global financial crisis
has eased. [ID:nN22363926]
 "The markets have already priced in the huge improvement in
funding and liquidity conditions, so for the bank to formally
announce that there's less of a need for those initiatives is
really putting an exclamation point on those improvements,"
said Derek Holt, an economist at Scotia Capital.
 (Reporting by Ka Yan Ng; editing by Rob Wilson

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