Canadian dollar tops 83 US cents, bonds rise

The Canadian dollar topped 83 US cents for the first time in more than 12 years on Thursday, as the market concluded that the reelection of President George Bush would drive the US dollar lower. Bond prices rose, helped by weakness in overseas stock markets, as traders awaited the Friday release of jobs data in Canada and the United States.
The Canadian currency was at C$1.2050 to the US dollar, or 82.99 US cents, up from C$1.2090 to the US dollar, or 82.71 US cents, at Wednesday's close.
The Canadian dollar rose more than a full US cent on Wednesday, as confirmation of a second term for Bush pointed to a continuation of the fundamentals that have had the US currency on the defensive for the last two years.