Reuters: US Dollar Report: CANADA FX DEBT-C$ slips after Bank of Canada sparked rally

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CANADA FX DEBT-C$ slips after Bank of Canada sparked rally Apr 3rd 2012, 12:14 Tweet Share this Email Print Tue Apr 3, 2012 8:14am EDT * C$0.9929 vs US$, or $1.0072 * Bonds edge higher across curve * Market awaits FOMC minutes By Jennifer Kwan TORONTO, April 3 (Reuters) - The Canadian dollar slipped against its U.S. counterpart on Tuesday, tugged lower by soft global equities and commodity prices after rallying on the lingering effects of a more upbeat outlook from the Bank of Canada. The currency gave back its gains after soaring overnight to its strongest level in nearly two weeks of C$0.9888 against the U.S. dollar, or $1.0113, on comments by Bank of Canada Governor Mark Carney, who said in a speech on Monday that Canada's economy is doing better than expected and the threat from the European debt crisis has lessened. At around 7:50 a.m. (1150 GMT), the Canadian dollar was at C$0.9929 against the U.S. dollar, or $1.0072, lower than its North American session finish of C$0.9903 versus the greenback, or $1.0098. " Everything is moving in tandem. Equities are a bit weaker, oil prices a bit lower, euro a bit lower and Canada following suit," said Camilla Sutton, chief currency strategist at Scotia Capital. Global stocks were slightly off, while oil prices slipped below $125 a barrel on Tuesday after U.S. gasoline demand data weakened sentiment. Gold prices were also weaker. With no domestic releases of note on Tuesday, currency traders would look to North American stock markets for further guidance on the day. Investors are waiting for the minutes from the U.S. Federal Open Market Committee meeting of March 13, due later on Tuesday, seeking clues on a potential new wave of quantitative easing. Canadian bond prices climbed across the curve. The 2-year bond was up 2 Canadian cents to yield 1.203 percent, while the 10-year bond rose 13 Canadian cents to yield 2.110 percent. Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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