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Wednesday July 4, 2007 - 21:04:23 GMT
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Forex Market News - Canadian dollar buoyed by oil, bonds slip

Canadian dollar buoyed by oil, bonds slip
Wed Jul 4, 2007 4:29PM EDT

By John McCrank

TORONTO, July 4 (Reuters) - The Canadian dollar gained
ground on the greenback on Wednesday, buoyed by strong
commodity prices in a quiet session that saw no domestic data
and markets south of the border closed for the U.S.
Independence Day holiday.

Bond prices ended lower as investors looked forward to
Friday's Canadian jobs figures.

The currency finished at C$1.0586 to the U.S. dollar, or
94.46 U.S. cents, up from C$1.0605, or 94.30 U.S. cents, at
Tuesday's close.

"The U.S. is closed today, so a fair swath of the normal
supply of currency traders are on holiday today, meaning that
the potential for volatility is definitely there, and this
could be the one of those light-trading volatility days," said
Eric Lascelles, strategist at TD Securities."

With U.S. markets closed and no domestic data to consider,
the Canadian currency took its cues from energy, commodities,
and weakness in the U.S. dollar.

"There's no question that commodity prices are high and
that does filter into the level of the Canadian dollar, which
is quite strong," said Lascelles.

As Canada is a major oil and gas exporter, the currency
often follows the price of crude. London Brent crude set a
ten-month high on Wednesday, supported by low U.S. fuel
inventories and expectations of high demand at the pumps over
the summer driving season by the world's top consumer.

Concerns that the U.S. housing crisis could spill over into
the wider economy, along with a string of recent soft economic
numbers, have weakened the greenback against other currencies.

Attention will be focused on Europe on Thursday, as the the
Bank of England is expected to raise rates by 25 basis points
to 5.75 percent, while the European Central Bank is expected to
hold rates steady, but open the door to a September increase.

Upcoming domestic data includes building permits and the
Ivey Purchasing Manager's Index, due on Thursday, but the main
focus will be on Friday's June jobs report. Analysts expect, on
average, a gain of 17,000 jobs with the unemployment rate
unchanged at 6.1 percent.

BOND PRICES LOWER

Bond prices were lower on Wednesday, as investors looked
ahead to Friday's employment figures and Tuesday's Bank of
Canada rate decision.

"It could be you're getting some positioning for Tuesday,"
said Lascelles.

The Bank of Canada is widely expected to raise its key
overnight rate by 25 basis points, and some believe another
increase is in the cards for September.

However, a recent raft of soft domestic data has caused
some analysts to question whether a second consecutive hike
will happen, and are looking to Friday's employment figures for
clues.

Bond prices usually suffer when rates are set to rise, as
the expectation of higher debt yields makes previously issued
bonds less appealing.

The two-year bond dipped 4 Canadian cents to C$98.43 to
yield 4.622 percent, while the 10-year bond fell 28 Canadian
cents to C$95.72 to yield 4.591 percent.

The yield spread between the two-year and 10-year bond
moved to -3.1 basis points from -4.2 at the previous close.

The 30-year bond shed 43 Canadian cents to C$118.77 to
yield 4.513 percent.

The three-month when-issued T-bill yielded 4.46 percent,
unchanged from the previous close.

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