CANADA FX DEBT-C$ edges higher as greenback weakens

Thu Jan 8, 2009 10:52am EST
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* C$ holds on to gains as greenback pressured by weak data

* Bonds mixed ahead of jobs data as Toronto stocks fall

By Jennifer Kwan

TORONTO, Jan 8 (Reuters) - The Canadian dollar held on to gains against the U.S. currency on Thursday as the greenback weakened, but the loonie was expected to remain largely range bound ahead of key monthly employment data due on Friday.

Bonds were flat to higher across the curve as the Toronto stock market weakened on a slump in the price of oil.

At 10:08 a.m. (1508 GMT), the Canadian currency was at C$1.1861 to the U.S. dollar, or 84.31 U.S. cents, up from C$1.1971 to the U.S. dollar, or 83.54 U.S. cents, on Wednesday.

"One of the things we're seeing is the U.S. dollar stay under pressure across the board," said George Davis, chief technical strategist, RBC Capital Markets.

The greenback was pressured by U.S. weekly jobless data [FRX/], while bleak economic numbers in Europe and retail sales figures strengthened the case for more stimulus efforts. [ID:nSP409831]

Those reports followed U.S. private sector employment data on Wednesday that heightened fears about a prolonged recession.   Continued...