CANADA FX DEBT-C$ climbs on domestic data, easing Irish fears

Thu Nov 18, 2010 9:27am EST
 
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* C$ touches high of 98.47 U.S. cents

* Leading composite, wholesale trade data supports C$

* Bond prices slightly lower across curve

By Jennifer Kwan

TORONTO, Nov 18 (Reuters) - Canada's dollar rose against its U.S. counterpart on Thursday as a weak greenback and optimism Ireland may soon see a solution to its debt woes helped attract investors to higher-yielding currencies.

The currency also got a bounce from domestic data that showed Canada's composite leading indicator rose 0.2 percent in October after dropping in September, while wholesale trade unexpectedly rose 0.4 percent in September. [ID:nSCLIME67B] [ID:nN18271262]

Global stocks rebounded on Thursday, while the euro recovered ground against the dollar as uncertainty about the Irish debt crisis ebbed. [FRX/]

Ireland's central bank chief said on Thursday he expected Dublin to receive tens of billions of euros in loans from European partners and the IMF to shore up its shattered banks though the government said it had made no request yet. [FRX/]

"We're just in a more positive tone. I think markets have calmed down overseas. Perhaps some sense that moving toward some resolution on the Irish sovereign risk issue has helped provide all currencies with a bit of a gain," said David Tulk, senior macro strategist at TD Securities.   Continued...