CANADA FX DEBT-C$ ends higher ahead of jobs data

Thu Feb 5, 2009 4:31pm EST
 
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* C$ ends well off session low of 80.93 U.S. cents

* Higher commodity prices key driver behind C$'s gain

* Bond prices end higher across curve (Recasts with closing numbers)

By Frank Pingue

TORONTO, Feb 5 (Reuters) - The Canadian dollar escaped a choppy session with a higher close versus the U.S. dollar on Thursday, getting a boost from commodity prices, while traders squared positions ahead of Friday's key jobs data.

Higher prices for gold and oil, major Canadian exports, were a main driver behind the gain in the currency and helped reverse an early session drop.

"We had a rally in commodity prices and so that certainly helped ... that was probably the primary driver of the firmer tone in the Canadian dollar," said Charmaine Buskas, senior economics strategist TD Securities.

Canada's currency closed at C$1.2310 to the U.S. dollar, or 81.23 U.S. cents, up slightly from from Wednesday's close of C$1.2320 to the U.S. dollar, or 81.17 U.S. cents.

It rallied as high as C$1.2228 to the U.S. dollar, or 81.78 U.S. cents, in the afternoon. That was 1 percent above its North American session low of C$1.2356 to the U.S. dollar, or 80.93 U.S. cents.   Continued...