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CANADA FX DEBT-C$ firms with oil as greenback slips
October 11, 2017 / 1:45 PM / a month ago

CANADA FX DEBT-C$ firms with oil as greenback slips

    * Canadian dollar at C$1.2492, or 80.05 U.S. cents
    * Bond prices higher across a flatter yield curve

    TORONTO, Oct 11 (Reuters) - The Canadian dollar edged higher
on Wednesday against its U.S. counterpart as oil prices rose and
the greenback dipped against a basket of major currencies.
    At 9:24 a.m. ET (1324 GMT), the Canadian dollar          was
trading at C$1.2492 to the greenback, or 80.05 U.S. cents, its
strongest level of the day. It was up 0.2 percent.
    The currency's weakest level of the day was C$1.2530. It had
touched on Friday its weakest in five weeks at C$1.2600.
    Prices of oil, one of Canada's major exports, rose for a
third day as the Organization of the Petroleum Exporting
Countries said the market was gradually tightening after years
of oversupply, but that the 2018 outlook was less certain.
            
    U.S. crude        prices were up 0.35 percent at $51.10 a
barrel.           
    Uncertainty that President Donald Trump would push through
his planned tax reforms pressured the U.S. dollar       , while
relief that Catalonia had stopped short of formally declaring
independence from the rest of Spain boosted the euro.
            
    The loonie got a boost on Tuesday from domestic housing
starts data that showed less softening than investors had
expected, while data on Friday showing a pickup in wages calmed
worries that the economy will slow in the second half of the
year.
    But renegotiation of the North American Free Trade
Agreement, under which Canada sends about 75 percent of its
exports to the United States, could weigh on the currency.
    New U.S. demands are set to hit NAFTA negotiating tables on
Wednesday, threatening to push modernization talks toward
collapse as Canadian Prime Minister Justin Trudeau again tries
to convince Trump of the trade pact's merits.             
    Canadian government bond prices were higher across a flatter
yield curve, with the two-year            up 0.5 Canadian cent
to yield 1.546 percent and the 10-year             rising 15
Canadian cents to yield 2.106 percent.

 (Reporting by Fergal Smith; Editing by Meredith Mazzilli)
  
 

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