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Canadian Dollar Rises on Optimism of U.S Political Resolution

Oct. 11 (Bloomberg) -- Canada’s dollar snapped four days of losses against its U.S. peer as lawmakers in the world’s largest economy moved toward a debt-limit agreement even as they remained at odds about the partial government shutdown.

The currency rose along with New Zealand’s dollar and South Africa’s rand, so-called commodity currencies. Standard & Poor’s 500 Index stock futures rose 1.8 percent, suggesting an increase in appetite for risk. Statistics Canada may report that the nation’s unemployment was unchanged at 7.1 percent last month, according to a Bloomberg survey.

“Today feels like a bit of a catch up to your standard, across-market responses to the optimism that kicked off yesterday with some sense that we could reach a resolution to all the shenanigans in Washington,” said David Tulk, chief Canada macro strategist with TD Securities in Toronto. “To the see that at the expense of the U.S. dollar, the expense of the Japanese yen, looking at strength across the board led by commodity currencies and everything else seems to be appropriate.”

The loonie, nicknamed for the image of the aquatic bird on the C$1 coin, rose 0.1 percent to C$1.0391 per U.S. dollar at 7:54 a.m. in Toronto. One Canadian dollar buys 96.24 U.S. cents.

Canada’s benchmark 10-year government bond yields were little changed at 2.59 percent. The 1.5 percent securities maturing in June 2023 fell two cents to C$90.75.

To contact the reporter on this story: John Detrixhe in New York at jdetrixhe1@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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