TORONTO, Nov 16 (Reuters) - The Canadian dollar rose on Monday on the back of higher commodity prices, firmer global equities and broad based U.S. dollar weakness in the wake of the Asia Pacific Economic Cooperation over the weekend.
At 8:30 a.m. (1430 GMT) Canada’s currency was at C$1.0445 to the U.S. dollar, or 95.74 U.S. cents, up from Friday’s close of C$1.0505 to the U.S. dollar, or 95.19 U.S. cents.
“The Canadian dollar is catching a bid on the back of a rise in global risk appetite,” Jack Spitz, managing director of foreign exchange, at National Bank Financial, in Toronto.
“There is a scenario that sees equities up and the (U.S.) dollar down and that’s the landscape we are waking up to this morning.”
The U.S. dollar slipped on Monday as traders took a lack of agreement on currencies among Asian and U.S. leaders as a cue to sell the greenback, even as speculation of a near-term yuan appreciation cooled. [USD/]
Commodities are expected to dominate the resource-heavy Canadian markets on Monday as gold prices climbed to a fresh high and oil rose. [GOL/] [O/R]
Domestic bonds were mostly firmer, mirroring gains in U.S. Treasuries, which rose after data showed manufacturing in New York State fell more than expected in November, even as retail sales grew at a faster pace than expected for October. [US/] [ID:nN15305681] [ID:nN16371323]
Canadian manufacturing sales grew 1.4 percent in September from August after auto sales surged to a one-year high, Statistics Canada said on Monday in a report pointing to solid economic growth in the month. [ID:nN16446129]
$1=$1.04 Canadian Reporting by Scott Anderson; Editing by Jeffrey Hodgson
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