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Canadian dollar climbs to a 3-week high on signs of easing trade tensions

Published 2019-09-05, 10:11 a/m
© Reuters.  Canadian dollar  climbs to a 3-week high on signs of easing trade tensions
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* Canadian dollar rises 0.2% against the greenback

* Loonie touches its strongest since Aug. 13 at 1.3192

* Price of U.S. oil increases 0.8%

* Canada's 10-year yield touches a near two-week high at 1.247%

TORONTO, Sept 5 (Reuters) - The Canadian dollar strengthened to a three-week high against its U.S. counterpart on Thursday, adding to gains after the Bank of Canada's interest rate decision the day before, as hopes rose of easing trade tensions between the United States and China.

At 9:45 a.m. (1345 GMT), the Canadian dollar CAD=D4 was trading 0.2% higher at 1.3199 to the greenback, or 75.76 U.S. cents. The currency touched its strongest intraday level since Aug. 13 at 1.3192.

Stocks .WORLD climbed globally as Washington and Beijing agreed to hold high-level trade talks next month. Wednesday, the Bank of Canada worried about the damage to the global economy from the U.S.-China trade war but kept its benchmark interest rate on hold at 1.75%. The central bank made no mention of future moves despite rate cuts this year from some of its global peers, including the Federal Reserve. of Canada Deputy Governor Lawrence Schembri is due to speak on the economy later on Thursday. The central bank will release his prepared remarks at 11:45 a.m. (1545 GMT).

The price of oil, one of Canada's major exports, was boosted by hopes of progress in the U.S.-China trade row, although a report showing U.S. crude inventories unexpectedly increased weighed on prices. U.S. crude oil futures CLc1 gained 0.8% to $56.69 a barrel. government bond prices were lower across a steeper yield curve in sympathy with U.S. Treasuries. The two-year CA2YT=RR fell 14.5 Canadian cents to yield 1.417% and the 10-year CA10YT=RR was down 105 Canadian cents to yield 1.243%.

The 10-year yield touched its highest intraday since Aug. 23 at 1.247%.

Canada's jobs report for August is due on Friday.

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