June 29, 2009 / 11:56 AM / in 8 years

CANADA FX DEBT-C$ edges higher as oil climbs; equities steady

 By Jennifer Kwan
 TORONTO, June 29 (Reuters) - The Canadian dollar edged
higher against the U.S. currency on Monday, underpinned by
firmness in commodity prices and steady global markets, while
trading was expected to be lackluster this week due to holidays
on both sides of the border.
 At 7:38 a.m. (1138 GMT), the Canadian dollar was at
C$1.1521 to the U.S. dollar, or 86.80 U.S. cents, up from
C$1.1542 to the U.S. dollar, or 86.64 U.S. cents at Friday's
 The price of oil CLc1, a key Canadian export, rose toward
$70 a barrel after Nigeria's main militant group said it
attacked a Royal Dutch Shell RDSa.L oil platform
[ID:nSYD480539], while gold were also higher. [ID:nLT672582]
 U.S. stock index futures were flat to higher on Monday
[ID:nN29352880] and global equity markets steadied.
 "The conviction of the Canadian dollar move is extremely
lackluster given that overall backdrop," said David Watt,
senior currency strategist at RBC Capital Markets.
 With few domestic economic reports on tap this week and two
market holidays on both sides of the border, trading was
expected to "reactive" as investors respond to events that
unfold, he added.
 Markets in Canada will be closed on Wednesday for the
Canada Day holiday, while U.S. markets will be closed on Friday
for the Independence Day holiday weekend.
 Canadian bond prices were mostly higher across the curve,
along with steady U.S. Treasuries in Europe on Monday as the
market paused after a rally pushed benchmark yields to their
lowest in almost four weeks with the prospect of the Federal
Reserve buying bonds this week propping up prices.
 (Reporting by Jennifer Kwan; Editing by Theodore d'Afflisio)

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