Reuters: US Dollar Report: CANADA FX DEBT-C$ ekes out slight gain in listless trade

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CANADA FX DEBT-C$ ekes out slight gain in listless trade Aug 14th 2013, 14:05 Tweet Share this Email Print Wed Aug 14, 2013 10:05am EDT * C$ at C$1.0328 to the greenback, or 96.82 U.S. cents * Little impetus to trade pair until domestic data on Friday TORONTO, Aug 14 (Reuters) - The Canadian dollar gained slightly against the U.S. currency in slow trade on Wednesday, and will likely offer little in the way of direction until the release of domestic manufacturing data at the end of the week. The loonie, as Canada's currency is colloquially known, has drifted in recent weeks, mostly pulled by changing market views on when the U.S. Federal Reserve may withdraw some of its stimulus. "The last time the Canadian dollar really had any direction of its own was the employment numbers last Friday," said Adam Cole, global head of foreign exchange strategy at Royal Bank of Canada. The loonie had weakened sharply after record job losses in the public sector and scarce opportunities for young people led to unexpected weakness in the Canadian labor market in July, but the currency was then bought heavily to regain lost ground. "Aside from that we've just been seeing general toing and froing in the U.S. dollar, and the Canadian being dragged around by that," Cole said. The next opportunity for domestic news to influence the currency comes on Friday, when data on manufacturing sales for June is due to be released "Domestic data do matter to a degree, obviously we're starting to get the early indications on Q3 growth now, including the manufacturing data fitting into that jigsaw," Cole added. At 9:44 a.m. (1344 GMT) the Canadian dollar was trading at C$1.0328 to the greenback, or 96.82 U.S. cents, compared with C$1.0343, or 96.68 U.S. cents, at Tuesday's North American close. It is broadly expected to trade between C$1.0250 and C$1.0450 this week, in keeping with its range of the past month. Prices for Canadian government debt were lower across the curve, with the two-year bond off half a Canadian cent to yield 1.207 percent and the benchmark 10-year bond falling 10 Canadian cents to yield 2.634 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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