February 19, 2009 / 1:57 PM / 11 years ago

CANADA FX DEBT-C$ edges higher as yen pressured, oil up

 TORONTO, Feb 19 (Reuters) - Canada's dollar rose for a
second straight session on Thursday, edging towards 80 U.S.
cents, as risk appetite returned and the price of crude
 At 8:40 a.m. (1340 GMT), the Canadian dollar was at
C$1.2508 to the U.S. dollar, or 79.95 U.S. cents, up from
C$1.2581 to the U.S. dollar, or 79.48 U.S. cents, at
Wednesday's close.
 Risk sentiment improved overnight, giving the Canadian
dollar a lift to a session high of 80.21 U.S. cents, or
C$1.2467 per U.S. dollar.
 "What's driving Canada right now is overall weakness seen
in the U.S. dollar, but more importantly...an unwind of
Japanese yen longs," said Jack Spitz, managing director of
foreign exchange at National Bank of Canada.
 The yen remained under pressure due to worries about the
Japanese economy and political uncertainty. Meanwhile, world
stocks rallied on some better-than-expected corporate results,
helping to cool extreme risk aversion and denting the
safe-haven bid to the U.S. dollar. [FRX/]
 The Canadian dollar also drew some support from oil prices
that headed towards $36 a barrel ahead of U.S. inventory data
and as the U.S. dollar weakened. Canada is a key oil producer
and its currency is often influenced by price swings in the
 Canadian data still due this week are the closely watched
consumer price index report for January due on Friday.
 (Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson)

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