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Wednesday October 7, 2009 - 21:19:52 GMT
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CANADA FX DEBT-C$ sags as oil weakens; bonds firm after auctions

 Wed Oct 7, 2009 5:11pm EDT

 * C$ finishes lower at 94.13 U.S. cents
 * Hit highest level since Sept. 2008 earlier in day
 * Canada finmin says C$ volatility concerns
 * Bond prices firm after solid Canada, U.S. auctions
 (Updates to close, adds quote)
 By Jennifer Kwan
 TORONTO, Oct 7 (Reuters) - Canada's currency fell against
the U.S. dollar on Wednesday after earlier touching a one-year
high, as weakening oil prices and a mixed showing on stock
markets dragged the unit lower.
 The currency turned south at midday as risk appetite waned,
with U.S. stocks tepid after two days of strong gains, even as
Toronto stocks staged a late session rally. [.N] [.TO]
 The Canadian dollar, like the equity market, often
strengthens or falls depending on the risk appetite of
international investors.
 The currency's weaker performance boiled down to it being a
day of consolidation, said Camilla Sutton, currency strategist
at Scotia Capital.
 "We had a very big move yesterday across asset classes.
Today we've had a little bit of give back," she said.
 Earlier on Wednesday, the Canadian dollar shot up to 95
U.S. cents on an upbeat tone that spilled over from Tuesday
when the Reserve Bank of Australia raised rates, becoming the
first central bank in the Group of 20 nations to tighten policy
as the financial crisis abates. [ID:nSYD520296]
 The Australian move fed hopes that the global economy is
recovering and will boost equity markets and demand for
commodities, which also helped to send gold to a record high
above $1,048 an ounce. [GOL/]
 But oil prices CLc1 slipped below $70 a barrel on
Wednesday, boosted in part by a rebound in the greenback, which
rose as the optimism that followed Australia's rate hike
dissipated and traders saw the currency's decline as being
overdone. [FRX/]
 The Canadian unit finished at C$1.0624 to the U.S. dollar,
or 94.13 U.S. cents, down from C$1.0596 to the U.S. dollar, or
94.38 U.S. cents, at Tuesday's close.
 The currency briefly ticked down after Canadian Finance
Minister Jim Flaherty said the government and central bank are
concerned about the broader weakness of the U.S. dollar and
keep a close eye on volatility in the Canadian currency.
 But the Canadian dollar quickly pared those losses.
 Traders are now looking ahead to Thursday's housing starts
report, which is expected to show the number of groundbreakings
fell to a seasonally adjusted annualized rate of 148,000 in
September from 150,400 in August. ECONCA
 On Friday, the market will focus on domestic jobs data for
September. [ID:nN07480164]
 "If we see a strong number that could provide added
incentive for the Canadian dollar to strengthen. But if we do
see some weakness it could lead to a little bit more of
retracement," said Sutton.
 Domestic bond prices were higher across the curve, taking
much of their cue from the bigger U.S. Treasury market where
prices rose on a well received 10-year bond auction, said Mark
Chandler, fixed income strategist at RBC Capital Markets.
 There had been concerns heading into the week about whether
the market could support the onslaught of supply.
 Canada also had a relatively successful two-year bond
auction, he added. The C$3.5 billion auction produced an
average yield of 1.422 percent and bids from primary dealers
totaled more than C$8.6 billion. [CA/AUC]
 The two auctions "went reasonably well. Equity markets gave
back the gains they were showing in futures to start the day.
Those factors have largely weighed on bond yields," said
 The two-year CA2YT=RR bond ticked 3 Canadian cents higher
at C$99.55 to yield 1.241 percent, while the 10-year bond
CA10YT=RR climbed 7 Canadian cents to C$103.82 to yield 3.283
 The Canadian market underperformed U.S. Treasuries, with
the 10-year Canadian yield about 10 basis points above the U.S.
curve, up from around 3.5 basis points on Tuesday.
 (Editing by Jeffrey Hodgso

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