Reuters: US Dollar Report: CANADA FX DEBT-C$ weaker after four-day gain; focus turns to Fed

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CANADA FX DEBT-C$ weaker after four-day gain; focus turns to Fed Sep 12th 2013, 14:11 Tweet Share this Email Print Related Topics Currencies » Bonds News » Bonds » Markets » Thu Sep 12, 2013 10:11am EDT * C$ at C$1.0332 vs US$, or 96.79 U.S. cents * Chance of less stimulus at Fed meeting causes CAD caution * C$ gains against Aussie after weak Australian jobs data By Alastair Sharp TORONTO, Sept 12 (Reuters) - The Canadian dollar weakened in early trade on Thursday after a four-session advance versus the U.S. dollar, with investors turning their attention to a U.S. Federal Reserve meeting next week that could hurt the loonie's prospects. The Canadian currency broke through its 100-day moving average late on Wednesday, but its recent gains against the greenback were beginning to falter. "It looks like the market is just not paying attention to the Fed next week," said John Curran, senior vice president at CanadianForex. "If the Fed doesn't taper next week, they will next month." A reduction in the size of the Fed's monthly bond-buying would likely lead to an appreciation in the greenback, which would mean a weaker Canadian dollar versus the U.S. dollar. At 9:35 a.m. (1335 GMT) the Canadian dollar was trading at C$1.0332 to the greenback, or 96.79 U.S. cents, compared with C$1.0315, or 96.95 U.S. cents, at Wednesday's North American close. The Canadian currency made strong gains against its commodity-linked cousin the Australian dollar after a weak jobs report in that country suggested its central bank might not be done cutting rates. "Today, the Canadian dollar is not the story, when people turn their attention to it they will see that it is mispriced right now and start selling it," Curran said, adding the currency would likely trade as weak as C$1.0450 by some time next week. Prices for Canadian government bonds were higher across the curve, with the two-year bond up 5 Canadian cents to yield 1.270 percent and the benchmark 10-year bond rising 29 Canadian cents to yield 2.748 percent. 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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