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Wednesday February 10, 2010 - 23:08:18 GMT
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Forex Market News - CANADA FX DEBT-C$ gains on risk rebound; EU summit eyed

5:19pm EST

 * C$ higher at 94.07 U.S. cents
 * Bond prices lower across curve
 By Claire Sibonney
 TORONTO, Feb 10 (Reuters) - Canada's currency bounced
higher against the U.S. dollar on Wednesday as investors took
on more risk-sensitive securities with the hope that Greece
will see some form of help for its debt problems.
 Euro zone countries held intensive talks on a possible
rescue for Greece on the eve of a European Union summit set to
be dominated by the debt crisis. [ID:nLDE6190UP]
 The commodity-linked Canadian currency was also boosted by
oil prices, which rose above $74 a barrel after the U.S. Energy
Information Administration raised its forecast for crude demand
and prices this year -- a sign it expected economic recovery to
gain steam. [O/R]
 "The news during the day that something would happen with
regards to the EU has helped take some of the tension off risk
securities and with oil prices bouncing it just seems like a
day where the Canadian dollar has benefited," said David Watt,
senior currency strategist at RBC Capital Markets.
 The Canadian dollar finished the North American session at
C$1.0630 or 94.07 U.S. cents, up from Tuesday's close at
C$1.0679 or 93.64 U.S. cents.
 Watt added that the Canadian dollar is not as sensitive to
the fear and contagion from the euro zone as other currencies,
namely the euro, which is the "impaired currency" of the
moment.
 "Even amid the tumult of what's been going on it's almost a
day which lines up well for the Canadian dollar nowadays
because if you're talking about sovereign debt risks it's not
something which is going be a big issue for Canada," said
Watt.
 An outline by Federal Reserve Chairman Ben Bernanke on how
the U.S. central bank would eventually reverse its loose
monetary policy also helped highlight the more stable economic
backdrop for the Canadian dollar.
 "It probably doesn't hurt that you have our major trading
partner talking somewhat optimistically of the need for
tightening policy when one of the major trading partners of the
EU, which is the UK, is still talking about the possible need
to do quantitative easing," said Watt.
 The Bank of England may have to pump more money into
Britain's fragile economy, Governor Mervyn King said on
Wednesday after the central bank forecast inflation would stand
well below target in two years. [ID:nLDE61918E]
 RISK TRADE UP, BONDS DOWN
 Canadian bonds tracked U.S. Treasuries lower after Bernanke
offered more details on how the Fed aims to dismantle the
extensive emergency support facilities it put in place to
bolster the economy. [ID:nN10166741]
 The two-year bond <CA2YT=RR> was down 12 Canadian cents to
C$100.315 to yield 1.343 percent, while the 10-year bond
<CA10YT=RR> dropped 42 Canadian cents to C$102.480 to yield
3.436 percent.
 Even so, Canada's 3-year government bond auction met with
the strongest demand since the notes were relaunched. [CA/AUC]    But the main factor driving the fixed-income market right
now is still debt-laden Greece, said Fergal Smith, managing
market strategist at Action Economics.
 "If an aid package is forthcoming that helps stabilize
risky assets. And that would drain support for Treasuries and
Canada's (bonds)," he said.
 (Reporting by Claire Sibonney; Editing by Jeffrey Hodg

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