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CANADA FX DEBT-C$ steadies near 2-year high as investors weigh U.S. stimulus prospects

* Canadian dollar trades near flat against the greenback

* Loonie touches a 2-year high intraday at 1.2903

* Price of U.S. oil falls 0.4%

* Canadian bond yields trade mixed across a flatter curve

TORONTO, Dec 3 (Reuters) – The Canadian dollar was little
changed against its U.S. counterpart on Thursday, with the
currency holding near an earlier two-year high as oil prices
fell and investors weighed signs of progress on U.S. economic
stimulus talks.

Lawmakers in Washington have failed to reach an agreement on
economic stimulus to help relieve the impact of COVID-19 in the
United States, but there were early indications that a $908
billion bipartisan proposal could be gaining traction.

Canada sends about 75% of its exports to the United States,
including oil. Oil dipped as producers, including Saudi Arabia
and Russia, locked horns over the need to extend record
production cuts set in place during the first wave of the
COVID-19 pandemic.

U.S. crude prices were down 0.4% at $45.09 a barrel,
while the Canadian dollar was trading nearly unchanged at
1.2917 to the greenback, or 77.42 U.S. cents. The currency
touched its strongest intraday level since October 2018 at
1.2903.

The U.S. dollar hit its lowest in more than two years
against a basket of major currencies. Optimism about COVID-19
vaccines has weighed on the safe-haven currency.

Canada’s jobs report for November is due on Friday, which
could help guide expectations for the Bank of Canada policy
outlook. The central bank, which has cut its benchmark interest
rate to a record low of 0.25%, is due to make a policy decision
next week.

Canadian government bond yields were mixed across a flatter
curve, with the 10-year down 1.2 basis points at
0.748%. On Wednesday, it touched a near three-week high intraday
at 0.780%.

(Reporting by Fergal Smith; editing by Jonathan Oatis)
(([email protected]; +1 647 480 7446;))

Keywords: CANADA FOREX/

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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