CANADA FX DEBT-C$ rises as greenback falls, equities gain
* C$ closes at C$1.0471
* Gold prices hit record $1,140 an ounce
* Broad-based U.S. dollar weakness helps boost C$ (Adds details, quotes)
By Jennifer Kwan
TORONTO, Nov 16 (Reuters) - The Canadian dollar climbed on Monday, boosted by stronger equity and commodity prices and a drop in the U.S. dollar against most major currencies.
The greenback's weakness helped to boost oil and bullion prices, key Canadian exports that often sway the price of the currency. Oil rose 3 percent while gold reached a record high of $1,140 an ounce on Monday. [O/R] [GOL/]
"All in all the theme from this morning -- U.S. dollar weakness and strong equity markets -- has really carried on," said Camilla Sutton, currency strategist at Scotia Capital.
"A lot of that just came from APEC being the latest group to highlight we're still in a period where we need to support growth," she added. "That implies that we're still a long way from monetary and fiscal policy tightening and that's given a more hopeful feeling to markets."
Analysts said a disagreement among Asian and U.S. leaders on exchange rates at a summit of the Asia Pacific Economic Cooperation (APEC) forum weighed on the greenback. Traders focused on the failure of China and the United States to reach an agreement on currencies, suggesting China may not be ready to let the yuan rise against the dollar. Continued...