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Thursday March 11, 2010 - 22:14:06 GMT
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Forex Market News - CANADA FX DEBT-C$ rallies for 10th day, focus on jobs data

4:40pm EST

 * Canadian dollar recovers to 97.47 U.S. cents
 * Carney's speech makes no reference to current policy
 * Bonds mixed
 * Focus turns to Canada's jobs data for February
 (Adds details)
 By Ka Yan Ng
 TORONTO, March 11 (Reuters) - The Canadian dollar finished
higher against the greenback for a 10th straight session on
Thursday as it rebounded from early losses along with other
riskier assets such as equities and crude oil.
 The Canadian dollar ended at C$1.0243 to the U.S. dollar,
or 97.63 U.S. cents, up from Wednesday's close of C$1.0259 to
the U.S. dollar, or 97.48 U.S. cents.
 The currency's early softness, which took it to a one-week
low at 96.86 U.S. cents, followed data that showed a smaller
U.S. trade deficit, which spurred choppy trading in the U.S.
dollar.
 But the losses did not stick, and the currency rallied to
the firmer end of its recent trading range as North American
stock markets claimed moderate gains, and the price of crude
oil, an important Canadian export, turned slightly higher.
 Market focus through the day was on Friday's release of
Canada's February jobs report. Canada is expected to have added
20,000 jobs in the month, according to median forecasts in a
Reuters survey. The unemployment rate is seen steady at 8.3
percent. [ID:nN05244644]
 "Commodities and equities have really stabilized. I think
that's part of the reason you saw no follow-through selling
(from) earlier in the day. The markets are really just on hold
until the jobs numbers tomorrow," said Shane Enright, executive
director, foreign exchange sales at CIBC World Markets.
 There was little reaction in the currency after a speech by
Bank of Canada Governor Mark Carney to university students in
Ottawa. The speech contained no reference to the central bank's
current policy.
  In an audience question-and-answer session, Carney
repeated the central bank's conditional pledge to hold interest
rates low and said there was no need for it to have the same
monetary policy as the U.S. Federal Reserve.  [ID:nN11238970]
 BONDS MIXED
 Bond prices were mixed. Short-dated bonds were pressured by
early domestic data that was stronger than expected and showed
the recovery was gaining more traction than some had expected.
 [ID:nN1180093]
 Canada's trade surplus rose more than expected in January,
while fourth-quarter capacity use had its biggest jump in three
years. Other data showed Canadian new home prices climbed again
in January. All the data strengthened views that Canadian
interest rates would rise this year.
 Longer-term issues floated higher, alongside their U.S.
counterparts, after a well-bid auction of U.S. Treasury bonds.
 [US/]   
 The two-year government bond <CA2YT=RR> was off 2 Canadian
cents to C$99.92 to yield 1.544 percent, while the 10-year bond
<CA10YT=RR> was up 15 Canadian cents at C$101.82 to yield 3.517
percent.
 (Reporting by Ka Yan Ng; editing by Peter Galloway)


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