CANADA FX DEBT-C$ pares some recent gains as risk appetite slips
Reuters
Published Nov 13, 2017 10:08
CANADA FX DEBT-C$ pares some recent gains as risk appetite slips
* Canadian dollar at C$1.2724, or 78.59 U.S. cents
* Bond market closed in lieu of Remembrance Day
TORONTO, Nov 13 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Monday, paring some of its recent gains despite higher oil prices, as uncertain prospects for a U.S. tax overhaul weighed on risk appetite.
Uncertainty over a U.S. tax overhaul deal pushed world stock markets further away from recent record highs. Canada's commodity-linked currency tends to lose ground when investors become risk-averse. exchange investors also turned their attention to a central bank conference on Tuesday. 9:55 a.m. EST (1455 GMT), the Canadian dollar CAD=D4 was trading at C$1.2724 to the greenback, or 78.59 U.S. cents, down 0.3 percent.
The currency traded in a range of C$1.2671 to C$1.2727. On Friday, it touched its strongest in more than two weeks at C$1.2666.
Oil, one of Canada's major exports, was supported by Middle East tensions and record long bets by fund managers. crude CLc1 prices were up 0.30 percent at $56.91 a barrel.
But the Canadian dollar was unlikely to recapture its tight link with the price of oil even as the interest rate outlook settles, given that crude trades far removed from levels needed to affect investment in Canada's energy sector, economists and strategists said. bond market was closed on Monday in lieu of Remembrance Day.
Canada's manufacturing sales data for September is due on Thursday and the October inflation report will be released on Friday.
Economists expect the annual inflation rate to have cooled to 1.4 percent in October, which will likely give the Bank of Canada room to take its time raising interest rates after two back-to-back hikes earlier this year.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.