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Tuesday October 27, 2009 - 21:17:39 GMT
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Forex News - CANADA FX DEBT-C$ edges higher after Bank of Canada comments

Tue Oct 27, 2009 4:27pm EDT

 * C$ finishes at C$1.0661 to U.S. dollar
 * Bank of Canada Governor Carney's comments help lift C$
 * Bond prices higher across curve
 (Updates to close, adds quote)
 By Jennifer Kwan
 TORONTO, Oct 27 (Reuters) - Canada's dollar edged higher
against the U.S. currency on Tuesday as the market took
comments by Bank of Canada Governor Mark Carney as signaling
there is less risk that the central bank will intervene
directly to tame the currency's rise.
 The currency climbed as high as C$1.0627 to the U.S.
dollar, or 94.10 U.S. cents, reversing course after hitting a
three-week low overnight on the lingering impact of last week's
warning by the Bank of Canada about the dangers that a
high-value Canadian dollar presents to economic growth.
 But Carney, appearing before the House of Commons finance
committee on Tuesday, appeared to temper some of the bank's
comments about an appreciating currency, said Firas Askari,
head of foreign exchange trading at BMO Capital Markets.
 "The one comment that stands out for me is he said the
ramifications of a stronger Canadian dollar can have both
positive and negative aspects. That's taken as a little more
neutral," Askari said.
 As well, Carney said on Tuesday that the central is happy
with its current policy stance, signaling he did not expect to
have to take special steps to tame the Canadian dollar and
boost economic recovery. [ID:nN27254408]
 "The fact that he basically said that direct intervention
could only be used in addition to other tools says the
likelihood of a purely FX intervention is unlikely," Askari
said.
 Shaun Osborne, chief currency strategist at TD Securities,
said Carney's comments were a key driver behind the currency's
consolidation.
 "I think the fact that there appears to be somewhat less
risk of direct intervention in markets now has perhaps allowed
the Canadian dollar to pick up a little bit of ground against
the U.S. dollar," he said.
 The currency finished at C$1.0661 to the U.S. dollar, or
93.80 U.S. cents, slightly higher than C$1.0670 to the U.S.
dollar, or 93.72 U.S. cents, at Monday's close.
  A fairly steady commodity backdrop helped the currency
hang on to gains. [O/R] [GOL/] Commodity prices often influence
the Canadian dollar's direction because commodities make up a
large portion of Canada's exports.
 BONDS HIGHER
 Canadian bond prices were higher across the curve alongside
the bigger U.S. Treasury market following a relatively
successful U.S. two-year note auction, said Mark Chandler,
fixed income strategist at RBC Capital Markets. [US/]
 "There was some trepidation about how well the relatively
hefty auctions in the U.S. would be received," he said. He
noted that softer U.S. economic data also pressured yields.
[US/]
 The two-year bond CA2YT=RR climbed 12 Canadian cents to
C$99.53 to yield 1.479 percent, while the 10-year bond
CA10YT=RR gained 45 Canadian cents to C$102.15 to yield 3.484
percent.
 (Reporting by Jennifer Kwan; editing by Peter Galloway

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