Reuters: US Dollar Report: CANADA FX DEBT-Softer C$ pares losses on weak U.S. durable goods

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CANADA FX DEBT-Softer C$ pares losses on weak U.S. durable goods Aug 26th 2013, 13:43 Tweet Share this Email Print Mon Aug 26, 2013 9:43am EDT * C$ at C$1.0508 vs US$, or 95.17 U.S. cents * U.S. durable goods records biggest drop in nearly a year * Fed speakers, Canada GDP this week * Bond prices rise across maturity curve By Solarina Ho TORONTO, Aug 26 (Reuters) - The Canadian dollar was softer against the U.S. dollar in thin trading on Monday, but pared losses after weaker-than-expected U.S. durable goods data. Orders for long-lasting U.S. manufactured goods such as refrigerators and computers recorded their largest drop in nearly a year last month and a gauge of planned business spending on capital goods tumbled. "A little bit of action obviously after the durable good orders out of the U.S. - it was much weaker than expected," said Blake Jespersen, managing director, foreign exchange sales at BMO Capital Markets. "We did see U.S. slide on that news, but we continue to believe overall the U.S. dollar should be well supported in the coming weeks. Therefore any opportunities to buy the U.S. dollar on dips will be definitely taken advantage of." The data followed a slowdown in residential construction and new home sales last week, which indicates an economy that may not grow much from the second quarter. At 9:13 a.m. (1313 GMT), the Canadian dollar was trading at C$1.0508 versus the greenback, or 95.17 U.S. cents. This was weaker than Friday's finish at C$1.0501 to the U.S. dollar, or 95.23 U.S cents. The Canadian dollar, which was mostly underperforming its main currency counterparts, was expected to trade between C$1.0480 and C$1.0530 to the U.S. dollar on Monday, said Jespersen. Two Fed speakers and Canadian economic growth data could drive currency direction during this final week of August, typically one of the quieter weeks of the year, Jespersen said. The Fed has been the biggest news driver this summer and investors are expected to parse over anything out of the U.S. central bank amid expectations it will begin scaling back its stimulus program sometime this fall. Canadian government bond prices were higher across the maturity curve, with the two-year bond rising 1.5 Canadian cents to yield 1.184 percent. The benchmark 10-year bond was up 20 Canadian cents, with a yield of 2.667 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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