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Monday November 5, 2007 - 22:06:32 GMT
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Forex Market News - Canadian dollar edges up despite lower oil prices

Mon Nov 5, 2007 5:00pm EST
 By Frank Pingue
 TORONTO, Nov 5 (Reuters) - The Canadian dollar edged higher
against the U.S. currency on Monday and extended its charge to
historic highs as momentum managed to offset a drag from lower
oil prices.
 Canadian bond prices bounced back from a selloff at the end
of last week as investors fled equities in search of more
secure assets in the wake of pessimistic U.S. credit news.
 The Canadian dollar closed at US$1.0718, valuing each U.S.
dollar at 93.30 Canadian cents, little changed from Friday's
close of US$1.0704, or 93.42 Canadian cents.
 During the overnight session the Canadian dollar hit
US$1.0748, or 93.04 Canadian cents, which marked its highest
level since the late 1800s.
 But the currency handed back the bulk of those gains ahead
of the North American session, where it spent the day in a
tight range of US$1.0690 to US$1.0723.
 The latest rise in the Canadian currency, small compared
with some of its recent gains, showed traders remained
comfortable bidding the currency higher even if some of its
support factors took a breather.
 "I think it just shows how resilient the currency is, that
it can keep rising on a day basically void of domestic economic
news and generally an unfriendly backdrop," said Doug Porter,
deputy chief economist at BMO Capital Markets.
 "There had been so many positive factors driving the
currency in recent weeks, it's not clear what's given it this
latest last little push."
 While rising oil prices have been a driving factor behind
many of the commodity-linked Canadian dollar's gains, they
reversed course on Monday as the U.S. subprime mortgage crisis
raised concern over the economic health of the United States.
 Fresh concerns about the U.S. economy surfaced over the
weekend as Citigroup (C.N: Quote, Profile, Research) said it might take an additional $11
billion writedown for subprime losses. That comes on top of
$6.5 billion it wrote off just three weeks ago.
 During the session, Canadian Finance Minister Jim Flaherty
delivered a speech in Toronto and said the rapid rise in the
Canadian dollar is largely due to a weaker U.S. currency,
 The Canadian dollar has surged nearly 25 percent since the
beginning of the year and it broke through parity with the U.S.
currency in September for the first time since 1976.
 Canadian bond prices finished higher as their reputation as
a safe haven came to the fore due to a selloff in equity
markets and the credit crisis news out of the United States.
 The rise in bond prices came after a selloff at the end of
last week, when key jobs data from Canada and the United states
came in well ahead of expectations.
 "We sold off on Friday in the wake of very strong labor
market data and the market is kicking back a little bit of that
selloff today," Porter said.
 The two-year bond rose 1 Canadian cent to C$100.29 to yield
4.108 percent, while the 10-year bond gained 13 Canadian cents
to C$97.73 to yield 4.291 percent.
 The yield spread between the two-year and 10-year bond
moved to 18.3 basis points from 19.2 at the previous close.
 The 30-year bond added 45 Canadian cents to C$110.86 to
yield 4.344 percent. In the United States, the 30-year Treasury
yielded 4.629 percent.
 The three-month when-issued T-bill yielded 4.02 percent, up
from 4.00 percent at the previous close.
 (Reporting by Frank Pingue; Editing by Peter Galloway)

© Reuters 2006. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


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