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CANADA FX DEBT-C$ edges higher as Biden transition boosts investor sentiment

·2 min read

* Canadian dollar rises 0.1% against the greenback * Loonie touches its strongest since Nov. 11 at 1.3010 * Canadian bond yields edge up across a steeper curve TORONTO, Nov 24 (Reuters) - The Canadian dollar rose to a near two-week high against the greenback on Tuesday, although giving back much of its gains, as news that U.S. President-elect Joe Biden got the formal go-ahead to begin his White House transition lifted investor sentiment. U.S. stock index futures rose as the go-ahead for the transition to the White House ended weeks of political uncertainty and added to hopes of an economic recovery next year. Canada sends about 75% of its exports to the United States, including oil. U.S. crude oil futures were up 1.4% at $43.68 a barrel as a third promising coronavirus vaccine spurred hopes for a recovery in demand. The Canadian dollar was trading 0.1% higher at 1.3066 to the greenback, or 76.53 U.S. cents. The currency, which has traded in a narrow range in recent days, touched its strongest intraday level since Nov. 11 at 1.3010. Canada will provide a "full" update on federal spending on Nov. 30, Finance Minister Chrystia Freeland said on Monday, as the government pledged to support people and businesses through a surging second wave of COVID-19. Last Thursday, ratings agency Moody's Investors Service affirmed Canada's triple-A rating, saying the risk of a material, long-lasting deterioration to Canada's economic or fiscal strength from the coronavirus crisis is low. Bank of Canada Senior Deputy Governor Carolyn Wilkins, who is due to leave the central bank on Dec. 9, will moderate a panel discussion at the International Monetary Fund. The event will take place by videoconference at 12:45 p.m. (1745 GMT). Canadian government bond yields edged higher across a steeper curve on Tuesday, with the 10-year up 1.4 basis points at 0.705%. (Reporting by Fergal Smith; editing by Jonathan Oatis)