September 8, 2009 / 12:09 PM / 11 years ago

CANADA FX DEBT-C$ touches highest level in five weeks

 TORONTO, Sept 8 (Reuters) - Canada's dollar raced to its
highest level in five weeks against the U.S. dollar on Tuesday,
lifted by stronger oil and bullion prices and as world equities
headed toward a new 2009 peak.
 The Canadian unit shot up as high as C$1.0674 to the U.S.
dollar, or 93.69 U.S. cents, its strongest showing since early
August as oil climbed above $69 a barrel ahead of an OPEC
meeting, and gold prices pierced the $1,000 an ounce
 "North America walked in and is happy to sell some U.S.
dollars," said J.P. Blais, vice president foreign exchange
products at BMO Capital Markets.
 "With gold being up this morning and equity futures being
up also I think the Canadian dollar is a bit stronger."
 Gold's rise was helped higher by a weak U.S. dollar, which
fell to its lowest in almost a year against a basket of major
currencies on Tuesday in part on fresh concern about the
dollar's long-term status as the world's reserve currency.
 At 7:30 a.m. (1130 GMT), the Canadian dollar was at
C$1.0700 to the U.S. dollar, or 93.46 U.S. cents, up from
C$1.0867 to the U.S. dollar, or 92.02 U.S. cents, at Friday's
close, boosted by upbeat Canadian and U.S. jobs data that
helped spark demand for riskier assets.[CAD/] The unit ended
the week with a gain of 0.5 percent.
 Canadian bond prices were mostly higher across the curve,
following U.S. Treasury prices up in Europe but markets were
wary ahead of fresh government debt supply. ID:nL8220004
 (Reporting by Jennifer Kwan; Editing by Theodore d'Afflisio)

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