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Wednesday April 7, 2010 - 21:39:31 GMT
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Forex Market News - CANADA FX DEBT-C$ pierces parity for 2nd day but falls back

4:58pm EDT

 * C$ touches near 21-month high at C$0.9977 to US$
 * Retreats to end lower at C$1.0051 to US$
 * Building permits data soft; PMI jumps
 * Bonds higher as risk appetite dries up
 (Updates to close, adds jobs data details, quote)
 By Jennifer Kwan
 TORONTO, April 7 (Reuters) - The Canadian dollar pushed
through parity against the greenback for a second day on
Wednesday, nearing a 21-month high, but then fell back sharply
as oil prices fell and risk appetite dried up.
 The Canadian dollar <CAD=D3> touched a low of C$1.0058 to
the U.S. dollar, or 99.42 U.S. cents, its descent deepening as
oil prices retreated after six sessions of gains and as euro
zone worries persisted. [O/R] [MKTS/GLOB]
 Canadian building permits data for February came in weaker
than the market had forecast, also pressuring the currency.
Building permits, a barometer of future construction activity,
slid 0.5 percent in the month to C$5.7 billion versus market
expectations of a 2 percent gain.
 However, the Ivey purchasing activity index for March
jumped more than expected. [ID:nN07109411]
 Early in the day the currency drove as high as C$0.9977, or
US$1.0023, its highest intraday level since July 15, 2008.
 "Overnight, the Canadian dollar thrust its way through
parity a few times but ultimately it's softened up and is just
below the threshold for now," said Eric Lascelles, chief
economics and rates strategist at TD Securities.
 "It seems to be a day more broadly in which risk has been
taken off the table around the world."
 The Canadian dollar <CAD=D3> finished at C$1.0051 to the
U.S. dollar, or 99.49 U.S. cents, down from Tuesday's close of
C$1.0012 to the U.S. dollar, or 99.88 U.S. cents.
 "We continue to hug parity but there is no conviction at
this point in time to really take it (dollar/Canada) much
lower," said Matthew Strauss, senior currency strategist at RBC
Capital Markets.
 Stock markets around the world fell on Wednesday as worries
about Greece's fiscal woes brewed and investors paused after a
recent runup in prices. [MKTS/GLOB] [.N] [.TO]
 The next major Canadian economic report will be employment
data for March, due for release on Friday. The median forecast
of 19 analysts is for a net gain of 25,000 jobs, slightly more
than the 20,900 jobs added in February. None of the analysts
expected job losses, with forecasts for creation ranging from
5,000 to 45,000. [ID:nN07111989]
 Canadian bond prices were higher across the curve in tandem
with the U.S. Treasury market in a flight to safety move.
Prices also got a boost after strong auctions on both sides of
the border.
 U.S. Treasuries gained after record-setting demand for a
$21 billion auction of 10-year notes, which eased concerns over
weakening demand for government securities. [US/]
 The government of Canada's C$3 billion auction of two-year
bonds met with better than expected demand for a non-benchmark
issue. [ID:nN07121237]
 The two-year government bond <CA2YT=RR> was up 12 Canadian
cents at C$99.47 to yield 1.7888 percent, while the 30-year
bond <CA30YT=RR> gained 68 Canadian cents to C$115.08 to yield
4.076 percent.
 Canadian government bonds mostly underperformed U.S.
issues, with the Canadian 30-year yield 67.5 basis points below
its U.S. counterpart, compared with around 72 basis points the
previous session.
 (Additional reporting by Ka Yan Ng and Claire Sibonney;
editing by Peter Galloway

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