CANADA FX DEBT-C$ pared losses after constructive fiscal meeting

Fri Nov 16, 2012 1:09pm EST
 
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* C$ at C$1.0024 vs US$, or 99.76 U.S. cents

* Touched 3-1/2 low of C$1.0048, or 99.52 U.S. cents

* White House fiscal cliff meeting "constructive"

* Bonds rise along the curve

By Solarina Ho

TORONTO, Nov 16 (Reuters) - The Canadian dollar pared losses against the U.S. dollar on Friday after touching a 3/12 month low late in the morning, following a White House meeting on the "fiscal cliff" that congressional leaders said was constructive.

Top Republicans emerged from a meeting at the White House on Friday saying they are prepared to agree to additional revenue to avert harsh automatic year-end tax increases and spending cuts, as long as there are also reductions in spending.

Equity markets rallied on the news after being mired in negative territory for much of the last two weeks. Investors worried that, if no deal is reached on the large, automatic budget cuts and tax rises set to begin next year, the U.S. economy could slip into recession.   Continued...