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Tuesday November 13, 2007 - 23:07:05 GMT
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Forex Market News - Canadian dollar edges higher despite drop in oil

 
Tue Nov 13, 2007 5:17pm EST
 By Frank Pingue
 TORONTO, Nov 13 (Reuters) - The Canadian dollar finished
higher against the U.S. greenback on Tuesday as carry trades
made a comeback, but a decline in oil prices tempered the
gain.
 Canadian bond prices, with no data to influence trading,
followed the U.S. Treasury market lower ahead of a speech by a
senior Bank of Canada official on Wednesday.
 The Canadian dollar closed at US$1.0426, valuing each U.S.
dollar at 95.91 Canadian cents, up from its unofficial close of
US$1.0307, or 97.02 Canadian cents, on Monday.
 It was a sharp turnaround from Monday's session, when the
Canadian dollar plunged almost 3 percent for its biggest
one-day fall in nearly 37 years.
 Driving Tuesday's run in the Canadian dollar were investors
who tip-toed back to risky carry trades, due partly to comments
by the Japanese prime minister on the rapid rise of the yen.
 In carry trades, investors borrow low-yielding currencies
such as the Japanese yen to fund the purchase of
higher-yielding currencies such as the Australian or New
Zealand dollars.
 Canada's dollar is not considered a high-yielder, with the
Bank of Canada's overnight rate at 4.50 percent, but it often
gets lumped with carry trade currencies, which like the
Canadian dollar are often commodity-driven.
 A drop in oil prices from last week's record high above $98
a barrel weighed on the Canadian currency and kept it from
threatening a run to last week's modern-day high of US$1.10.
 Since hitting that high, the Canadian currency has trickled
lower, but its move has not garnered much concern from market
experts given the speed of its rise and a still-strong backdrop
of fundamentals.
 "I think people are a lot less shocked at how fast we have
come off the high then people were in terms of how fast we
rallied," said George Davis, chief technical strategist at RBC
Capital Markets. "And it hasn't derailed the overall positive
outlook that the market has for the (Canadian) currency, so I
think this is more a positioning type of adjustment."
 The bulk of the Canadian dollar's mostly uninterrupted rise
to record highs has been fueled by strong data, lofty commodity
prices, a weak greenback and merger-related interest.
 BONDS TURN LOWER
 Bond prices finished lower after markers were closed on
Monday for holidays.
 The latest drop came in the wake of stock market rallies in
Canada and United States, while an unexpectedly strong report
on U.S. pending home sales also weighed on sentiment.
 With a light economic calendar in Canada this week, dealers
could pin their next move on a speech by Bank of Canada Deputy
Governor Paul Jenkins to the Ontario economic summit on
Wednesday.
 Earlier in November, Jenkins reiterated the bank's position
that the Canadian dollar's skyward moves were "outside normal
bounds" even with broad weakness in the U.S. dollar.
 The two-year bond dropped 11 Canadian cents to C$100.55 to
yield 3.968 percent, while the 10-year bond fell 16 Canadian
cents to C$98.19 to yield 4.231 percent.
 The yield spread between the two-year and 10-year bond
moved to 26.3 basis points from 29.5 at the previous close.
 The 30-year bond declined 12 Canadian cents to C$111.16 to
yield 4.327 percent. In the United States, the 30-year Treasury
yielded 4.618 percent.
 The three-month when-issued T-bill yielded 4.05 percent, up
from 3.99 percent at the previous close.

© 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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