Reuters: US Dollar Report: CANADA FX DEBT-C$ edges up on U.S. retail sales and jobs boost

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CANADA FX DEBT-C$ edges up on U.S. retail sales and jobs boost Mar 13th 2013, 13:56 Tweet Share this Email Print Wed Mar 13, 2013 9:56am EDT * C$ at C$1.0251 vs US$, or 97.55 U.S. cents * C$ seen trading between C$1.0220 and C$1.0320 on Wednesday * U.S. retail sales better than expected * Bond prices weaker across curve By Solarina Ho TORONTO, March 13 (Reuters) - The Canadian dollar was marginally stronger against the U.S. dollar on Wednesday, helped in part by better-than-expected U.S. retail sales, but a dearth of domestic data limited moves for the currency. Retail sales out of Canada's largest trading partner rose more than expected in February as Americans bought motor vehicles and a range of other goods even as they paid more for gasoline, suggesting consumer spending this quarter will hold up despite higher taxes. "We're finally back in what you would consider a normal mode, where stronger data in the U.S. is typically positive for the U.S. dollar. But we haven't lost that much ground against the U.S.," said Mark Chandler, head of Canadian fixed income and currency strategy at RBC Capital Markets. Chandler also attributes the Canadian dollar's strength in part to the lingering effects of the last week's employment report, which showed an unexpected surge in jobs last month. At 9:19 a.m. (1319 GMT), the Canadian dollar was trading at C$1.0251 to the greenback, or 97.55 U.S. cents, compared with C$1.0261, or 97.46 U.S. cents, at Tuesday's North American close. The currency is expected to trade between C$1.0220 and C$1.0320, according to a Scotiabank research note. The Canadian dollar was stronger against the euro and Swiss Franc, but softened against the sterling after Canada on Tuesday touched its strongest level against the British pound since June 2010 on dismal UK manufacturing data. There is little that is expected to move markets on the economic data front for Canada this week, though Chandler said the currency could move if Friday's report on existing home sales is particularly weak. The price of Canadian government debt was weaker across the curve, with the two-year bond off 2.5 Canadian cents to yield 0.976 percent, while the benchmark 10-year bond eased 11 Canadian cents to yield 1.923 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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