Canadian dollar rises vs broadly weaker greenback

Thu Sep 25, 2008 9:44am EDT
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* Canadian dollar rises 0.5 percent vs greenback

* Focus on speech by Bank of Canada governor

* Bonds mixed as investors wait for news on U.S. plan

By John McCrank

TORONTO, Sept 25 (Reuters) - The Canadian dollar rose against a broadly weaker U.S. dollar on Thursday as U.S. weekly jobless claims data painted a bleaker picture of the economy and investors worried about delays to the U.S. rescue package for the financial sector.

Canadian bond prices were mixed as the market waited for news on the U.S. plan, which is working its way through Congress.

At 9:22 a.m. (1322 GMT), the Canadian unit was up 0.5 percent at C$1.0314, or 96.96 U.S. cents, from C$1.0367, or 96.46 U.S. cents, at Wednesday's close.

The currency rose as high as C$1.0305, or 97.04 U.S. cents, after data showed that 493,000 U.S. workers filed for jobless benefits last week.

"It is now almost 500,000 print now and that's getting close to recessionary levels and indicates a continuation of job destruction in the U.S.," said Matthew Strauss, senior currency strategist at RBC Capital Markets.   Continued...