Reuters: US Dollar Report: CANADA FX DEBT-C$ slightly weaker as U.S. election eyed

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CANADA FX DEBT-C$ slightly weaker as U.S. election eyed Nov 5th 2012, 13:17 Tweet Share this Email Print Related Topics Currencies » Bonds News » Bonds » Markets » Mon Nov 5, 2012 8:17am EST * C$ at C$0.9964 to US$, or $1.0036 * Investors seen paring back on riskier assets ahead of vote * Pending Greek austerity vote weighs on euro, global tone By Alastair Sharp TORONTO, Nov 5 (Reuters) - The Canadian dollar weakened slightly against its U.S. counterpart on Monday, following the cautious tone in a raft of commodities as investors limit exposure to riskier assets ahead of Tuesday's U.S. presidential election. The vote will be closely watched by financial markets, with incumbent Barack Obama seen as more supportive of continued stimulus measures, while Republican challenger Mitt Romney is expected not to favour additional easing. "The move in the Canadian dollar is consistent with the move in most of the currencies that trade as risk proxies," said Adam Cole, global head of foreign exchange strategy at Royal Bank of Canada. "It may be the uncertainty of the U.S. election as one factor." At 8:01 a.m. (1301 GMT) the Canadian dollar was trading at C$0.9964 to the greenback, or $1.0036, compared with C$0.9956, or $1.0044, at Friday's North American close. Gold and oil were steady, while copper hit a two-month low. RBC's Cole said that worries about a Greek vote on Wednesday over austerity measures was keeping the euro under pressure and adding to the more cautious overall tone. The Canadian currency strengthened against the euro , the British pound and the Swiss franc . The price of Canadian government debt rose across the curve, with the two-year bond up 2 Canadian cents to yield 1.059 percent, while the benchmark 10-year bond rose 15 Canadian cents to yield 1.754 percent. Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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