Reuters: US Dollar Report: CANADA FX DEBT-C$ strengthens to 1-month high after positive U.S. data

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CANADA FX DEBT-C$ strengthens to 1-month high after positive U.S. data Mar 26th 2013, 13:50 Tweet Share this Email Print Tue Mar 26, 2013 9:50am EDT * C$ at C$1.0175 vs US$, or 98.28 U.S. cents * U.S. single-family home prices rise in January * Demand for U.S. durable goods surges 5.7 percent * Canadian bond prices fall across curve By Solarina Ho TORONTO, March 26 (Reuters) - The Canadian dollar was strengthened to a one-month high versus its U.S. counterpart on Tuesday, helped by a better-than-expected rise in U.S. durable goods orders in February and U.S. housing data that showed recovery remained on track. U.S. single-family home prices rose in January, starting the year with the biggest annual increase in six-and-a-half years in a fresh sign the housing market recovery remains on track, according to the closely watched S&P/Case Shiller composite index. Demand for long-lasting U.S. manufactured goods, which range from toasters to aircraft, surged 5.7 percent in February and reversed January's 3.8 percent plunge. This suggested factory activity continued to expand at a moderate pace. A stronger U.S. economy often benefits the Canadian dollar, because it is the largest single market for Canadian exports. "The headline of durable goods orders is also somewhat constructive for risk sentiment and maybe by association has helped to provide the Canadian dollar with a little bit more ... positive momentum to start the day," said David Tulk, chief Canada macro strategist at TD Securities. At 9:22 a.m. (1322 GMT), the currency was trading at C$1.0175 against the U.S. dollar, or 98.28 U.S. cents, stronger than Monday's North American close at C$1.0212, or 97.92 U.S. cents. It touched C$1.0166, or 98.37 U.S. cents, the currency's strongest level in more than a month. The Canadian dollar was outperforming all major currencies, and was touching it's strongest level against the euro in nearly two and a half months. Concerns over Cyprus and the region's debt woes continued to pressure the euro, which also hovered near four-month lows against the U.S. dollar. Canadian government bond prices were lower across the curve, with the two-year bond off 1.5 Canadian cents to yield 1.007 percent. The benchmark 10-year bond fell 15 Canadian cents to yield 1.830 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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