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Thursday November 8, 2007 - 22:52:51 GMT
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Forex Market News - Canadian dollar drops for second straight session

Thu Nov 8, 2007 4:45pm EST

 By Frank Pingue
 TORONTO, Nov 8 (Reuters) - The Canadian dollar closed lower
against the greenback on Thursday as investors took profits and
Canada's finance minister voiced concern over the domestic
currency's rapid rise one day after it topped US$1.10.
 Domestic bond prices pushed higher on the short end of the
curve following Canadian economic data that showed housing
starts fell steeper than estimates.
 The Canadian dollar closed at US$1.0683, valuing each U.S.
dollar at 93.60 Canadian cents, down from Wednesday's close of
US$1.0774, or 92.81 Canadian cents.
 Even though the Canadian dollar rallied in the overnight
session, hitting a high of US$1.0826, it was unable to carry
the momentum into the North American session where traders
appeared uncomfortable with the currency at such lofty levels.
 Further unsettling the Canadian dollar were comments from
Finance Minister Jim Flaherty, who said he was concerned about
the rapid rise of the currency, which entered the session up
about 26 percent on the year.
 Flaherty's remarks followed comments from Prime Minister
Stephen Harper, who suggested the rise in the Canadian dollar
has created a difficult economic environment. Harper also
expressed serious concern on Wednesday over the speed of the
Canadian dollar's appreciation.
 "It's a little disappointing the way we bounced back from
overnight lows and yet we still lost a fair bit of ground again
today," said Steve Butler, director of foreign exchange trading
at Scotia Capital.
 "It's not necessarily sending a signal to the market, but I
think the market is exercising a little bit of caution with all
the mention of the currency over the last couple of days."
 The decline by the Canadian dollar, its first back-to-back
losses in about three weeks, came on the heels of a wild
session  on Wednesday when a late-day selloff stripped the
currency of the massive gains it had recorded overnight.
 The retreat by the currency did not trigger any big
concerns in the marketplace as many experts have been calling
it overvalued at recent levels.
 "I don't think the trend is over by any stretch of the
imagination, but this is the most aggressive pullback we've
seen in a long time and I certainly think you have to respect
it," said Butler, who feels there is room for the currency to
slip further, to US$1.0471.
 Short-dated bonds finished higher on Thursday and lower on
the long end, almost mirroring the move in the bigger U.S.
Treasury market.
 Ongoing expectations that the U.S. Federal Reserve will cut
rates next month on worries about the credit crisis helped
boost bond prices, while a domestic piece of data that missed
expectations provided further support.
 Canada's housing market cooled in October, with starts
falling 22 percent from September's red hot levels, according
to data released by Canada Mortgage and Housing Corp.
 The two-year bond rose 9 Canadian cents to C$100.57 to
yield 3.957 percent, while the 10-year bond rose 1 Canadian
cent to C$97.90 to yield 4.269 percent.
 The yield spread between the two-year and 10-year bond
moved to 31.2 basis points from 26.4 at the previous close.
 The 30-year bond declined 22 Canadian cents to C$110.46 to
yield 4.366 percent. In the United States, the 30-year treasury
yielded 4.671 percent.
 The three-month when-issued T-bill yielded 4.03 percent, up
from 3.99 percent at the previous close.
 (Editing by Rob Wilson)

© 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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