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Thursday October 18, 2007 - 21:48:39 GMT
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Forex Market News - Canadian dollar follows oil prices to higher close

Thu Oct 18, 2007 5:41pm EDT
 By Frank Pingue
 TORONTO, Oct 18 (Reuters) - The Canadian dollar closed at
its highest level of the week on Thursday as a soft greenback
and another strong run-up up in commodity prices offset a brief
slip after the Bank of Canada said it was surprised by the
extent of the domestic currency's rise.
 Domestic bond prices finished higher across the curve as
the nagging credit concerns that weighed on the bigger U.S.
market weighed on Canadian bonds as well.
 The Canadian dollar closed at 97.37 Canadian cents to the
U.S. dollar, or US$1.0270, up from Wednesday's close of 97.56
Canadian cents to the U.S. dollar, or US$1.0250.
 Oil prices extended their record rally toward $90 a barrel,
and that tends to help support the currency as Canada is a
major producer and exporter of oil.
 The gains by the currency, which hit a session high of
97.31 Canadian cents to the U.S. dollar, or US$1.0276, were
helped even further as the U.S. currency was bogged down by
soft economic data.
 "Number one, obviously, we have seen a fairly dramatic
selloff in the U.S. dollar today, so the weakness in the
greenback has supported the (Canadian) currency," said George
Davis, chief technical strategist at RBC Capital Markets.
 "Commodity prices are staying firm as well ... gold moving
to new highs and crude oil trading back above $89 a barrel has
been a positive."
 The Canadian dollar had a brief bout of weakness early in
the session, easing to 97.80 Canadian cents to the U.S. dollar,
or US$1.0225, shortly after the Bank of Canada issued comments
about the currency.
 In its Monetary Policy Report update the central bank said
"the magnitude of the recent appreciation appears to have been
stronger than historical experience would have suggested."
 According to Davis, some traders took that comment to mean
the bank was indicating that some of the Canadian dollar's
recent appreciation was a Type II move and not Type 1, which he
said would imply that it wasn't backed by fundamental economic
 But the drop was short-lived as the currency turned higher
as the Bank of Canada took questions from the media and made no
overt mention of a Type II, or speculative, move when
 The bank also said in its report that it expects to hold
its key interest rates steady through all of 2009 as weaker
U.S. growth, the stronger domestic currency and tougher
borrowing terms sap strength from the domestic economy.
 Canadian bond prices extended a recent rally, this time
following the U.S. lead, after weak data from the United States
and ongoing credit concerns boosted expectations the U.S.
Federal Reserve would cut interest rates again soon.
 Domestic bonds will likely not look south of the border for
direction on Friday as the key Canadian economic report for the
week, September's consumer price index data, is due.
 The Bank of Canada said it would leave C$500 million in the
Large Value Transfer System overnight on Thursday and plans to
leave C$400 million in the system on Friday.
 And for the second straight day, the bank decided not to
inject money into markets, which it had been doing since late
September to help lower the overnight rate towards its target
and improve liquidity.
 The two-year bond rose 9 Canadian cents to C$100.04 to
yield 4.229 percent, while the 10-year bond rose 36 Canadian
cents to C$97.05 to yield 4.378 percent.
 The yield spread between the two-year and 10-year bond
moved to 14.9 basis points from 14.4 at the previous close.
 The 30-year bond rose 64 Canadian cents to C$109.59 to
yield 4.416 percent. In the United States, the 30-year treasury
yielded 4.769 percent.
 The three-month when-issued T-bill yielded 3.95 percent,
down from 3.97 percent at the previous close.

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