CANADA FX DEBT-C$ steady, shrugs off crude's fall ahead of OPEC
* Canadian dollar at C$1.1246 or 88.92 U.S. cents * Bond prices higher across the maturity curve By Solarina Ho TORONTO, Nov 26 (Reuters) - The Canadian dollar was steady against the greenback on Wednesday despite plunging oil prices as investors held off making big bets ahead of the U.S. Thanksgiving holiday on Thursday and gross domestic product figures due on Friday. The currency, which often follows movements in oil prices, was little changed even though crude dived after Iranian Oil Minister Bijan Zangeneh said his position was "very close" to that of Saudi Oil Minister Ali al-Naimi, who had said he expected oil prices to stabilize eventually without intervention. The Saudi minister's comment was interpreted to mean Organization of the Petroleum Exporting Countries (OPEC) ministers will not cut output when they meet in Vienna on Thursday. "The OPEC meeting looks unlikely to cause a major bounce in the price of oil. That's why the (oil) price keeps fading and fading yesterday and today. So it's curious why CAD's not fading with it," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York. "I do expect (the Canadian dollar) to reverse at some point over the next couple of weeks, although it may not happen during the U.S. Thanksgiving holiday weekend. But I do think USD/CAD will bounce back up above C$1.1350." Crude prices have fallen about a third since June. At 9:25 a.m. (1425 GMT), the Canadian dollar was trading at C$1.1246 to the greenback, or 88.92 U.S. cents, compared with Tuesday's finish of C$1.1253, or 88.87 U.S. cents. Canadian third quarter GDP figures are due on Friday. Statistics Canada has reported some robust economic data for the month of September, and economists forecast GDP growth of 2.1 percent for the quarter at an annualized rate. They see month-over-month growth in September of 0.4 percent. Anderson noted that market participants are long on the Canadian dollar against other currencies such as the Aussie dollar, euro, yen, sterling. "I think the biggest set up for a sharp move would be what if the data disappoints? In that case, all these cross positions ... are vulnerable to a real hard reversal of the CAD gains over the last two weeks," he said. Canadian government bond prices were higher across the maturity curve, with the two-year adding 4.8 Canadian cents to yield 1.021 percent and the benchmark 10-year climbing 17 Canadian cents to yield 1.927 percent. (Editing by Peter Galloway)
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