CANADA FX DEBT-C$ adds to last week's rally amid upbeat domestic data

Fergal Smith
·2 min read

* Canadian dollar strengthens 0.3% against the greenback * Loonie trades in a range of 1.2501 to 1.2557 * Canadian factory sales rise 2.6% in November * Canadian 10-year yield rises to highest level since Nov. 24 By Fergal Smith TORONTO, Jan 17 (Reuters) - The Canadian dollar rose against its U.S. counterpart on Monday as oil prices held on to recent gains and domestic data provided more evidence that Canada's economy strengthened in the final quarter of last year. Canadian factory sales rose 2.6% in November from October driven mostly by higher sales of primary metals, petroleum and coal products, non-metallic minerals, and food product, Statistics Canada said. "Combined with other economic indicators, this release corroborates the view that the Canadian economy enjoyed a solid fourth quarter," Omar Abdelrahman, an economist at TD Economics, said in a note. Separate data showed that Canadian home sales were up 0.2% in December from November even as supply fell to a record low level. The Bank of Canada will release its quarterly Business Outlook Survey and Canadian Survey of Consumer Expectations at 10:30 a.m. ET (1530 GMT). Despite the fast-spreading Omicron variant, some investors expect the central bank to begin hiking interest rates this month. The price of oil, one of Canada's major exports, was steady as investors bet that global supply will remain tight despite a rise in Libyan output. U.S. crude prices were unchanged at $83.82 a barrel, while the Canadian dollar strengthened 0.3% to 1.2517 per greenback, or 79.89 U.S. cents, adding to last week's gains. It traded on Monday in a range of 1.2501 to 1.2557. Speculators have cut their bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of Jan. 11, net short positions had decreased to 7,376 contracts from 11,025 in the prior week. Canadian government bond yields were higher across the curve. The 10-year rose 3.1 basis points to 1.804%, its highest level since Nov. 24. (Reporting by Fergal Smith Editing by Chizu Nomiyama)

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