Canadian Dollar Rises

Canada's dollar climbed the most in almost a week as its U.S. counterpart fell against all of the world's major currencies after ECB council member Axel Weber said there's no scope for interest-rate cuts.

The Canadian dollar appreciated 0.4 percent to C$1.0444 per U.S. dollar at 9:32 a.m. in Toronto, from C$1.0485 yesterday. The currency gained 1.6 percent on Aug. 21. One Canadian dollar buys 95.74 U.S. cents.

Canada's currency will slip to C$1.10 against the U.S. dollar by the end of 2009, according to the median forecast of economists surveyed by Bloomberg News.

The yield on the two-year Canadian government bond declined 1 basis point, or 0.01 percentage point, to 2.83 percent. The price of the 2.75 percent security due in December 2010 rose 1 cent to C$99.84. The 10-year bond's yield rose 1 basis point to 3.56 percent.

Canadian Dollar Rises, Bloomberg
8/27/2008 8:54:27 AM