CANADA FX DEBT-C$ up as greenback weakens ahead of earnings

Mon Apr 13, 2009 4:30pm EDT
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* C$ ends at 82.01 U.S. cents

* Touches highest level since Feb. 10

* Bonds largely flat ahead of earnings reports

By Jennifer Kwan

TORONTO, April 13 (Reuters) - The Canadian dollar shot up to its highest level in nearly nine weeks against the U.S. currency on Monday as worries over upcoming U.S. earnings results helped to dent the greenback's appeal.

"We have seen very substantial moves lower for the U.S. dollar against some of the major currencies," said George Davis, chief technical strategist at RBC Capital Markets.

"That has been the primary catalyst behind the move higher in the Canadian dollar."

Davis said the greenback was weighed down in part by investor caution as markets braced for key earnings reports this week from financial companies such as Goldman Sachs (GS.N: Quote), JPMorgan (JPM.N: Quote) and Citigroup (C.N: Quote).

"I think some of that uncertainty might be weighing on the U.S. dollar a little bit," said Davis.   Continued...