CANADA FX DEBT-C$ hits 1-week high as growth fears ease

Thu Jul 22, 2010 5:06pm EDT
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* C$ rises to 96.22 U.S. cents

* Bonds lower across the curve

* Bank of Canada cuts 2010 quarterly forecasts

* Canada May retail sales unexpectedly dip, details soothe

* Next up: Canada CPI for June at 1100 GMT Friday (Updates to close)

By Ka Yan Ng

OTTAWA, July 22 (Reuters) -The Canadian dollar finished at its highest level versus the U.S. currency in a week on Thursday as oil prices jumped and equity markets rallied, underpinned by a pack of global signals bullish enough to alleviate economic growth fears.

U.S. crude oil futures rose to an 11 week high above $79 a barrel on a potential tropical storm in the Gulf of Mexico and as better-than-expected economic data gave a lift to equities markets. [O/R]

Major economically sensitive companies, including UPS and 3M, reported strong revenues, while U.S. housing data and better-than-expected euro zone manufacturing and services activity revived appetite for risk. A cautious tone from the Bank of Canada did not dampen market enthusiasm. [ID:nN22230580][ID:nSLALIE68S] [ID:nBRQ009921] [ID:nN22256221]   Continued...