Reuters: US Dollar Report: CANADA FX DEBT-C$ makes slight gains, but hitting resistance

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CANADA FX DEBT-C$ makes slight gains, but hitting resistance Sep 11th 2013, 13:38 Tweet Share this Email Print Related Topics Currencies » Bonds News » Bonds » Markets » Wed Sep 11, 2013 9:38am EDT * C$ at C$1.0342 vs US$, or 96.69 U.S. cents * C$ has been unable to punch through 100-day MA in last two sessions By Alastair Sharp TORONTO, Sept 11 (Reuters) - The Canadian dollar was marginally stronger against the U.S. currency in early trade on Wednesday, pausing after a string of solid daily gains prompted by last week's stronger-than-expected domestic jobs report. "It has had some very good gains over the course of the last few sessions," said Jeremy Stretch, head of foreign exchange strategy at CIBC World Markets in London, pointing to the divergent North American job reports of last Friday as impetus for Canadian dollar gains. The reports showed Canada added almost three times as many jobs as expected and U.S. employers hired fewer workers than expected. But the Canadian dollar has struggled to breach the 100-day moving average of C$1.0334 in the past two days. It would need to definitively break through that level to make further progress, Stretch said. At 9:12 a.m. (1312 GMT) the Canadian dollar was trading at C$1.0342 to the greenback, or 96.69 U.S. cents, compared with C$1.0348, or 96.64 U.S. cents, at Tuesday's North American close. The loonie, as Canada's currency is colloquially known, had closed at C$1.0506 last Thursday before the jobs data. The two-year bond was up 2 Canadian cents to yield 1.300 percent, while the benchmark 10-year bond rose 7 Canadian cents to yield 2.808 percent. Stretch said that investors will likely closely watch two U.S. data releases later this week - jobless claims and retail sales - as the "last pieces of the economic jigsaw" ahead of a Federal Reserve meeting next week where many expect the central bank to announce a scaling back of its stimulus program. A move to slow the pace of bond-buying by the bank would likely give a boost to the U.S. currency. 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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