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CANADA FX DEBT-C$ gains as latest positive vaccine news boosts risk appetite

·2 min read

* Canadian dollar rises 0.4% against the greenback * Loonie trades in a range of 1.3047 to 1.3094 * Price of U.S. oil up 1.3% * Canadian bond yields rise across a steeper curve TORONTO, Nov 23 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Monday as the latest positive update by a major drugmaker on the development of a COVID-19 vaccine boosted investor sentiment, with the loonie adding to last week's gain. Shares rose globally and the price of oil , one of Canada's major exports, was up 1.3% at $42.95 a barrel after AstraZeneca said its COVID-19 vaccine could be around 90% effective. Investors have worried that surging global infections could derail economic recovery. Toronto, Canada's most populous city, has entered into lockdown, with Prime Minister Justin Trudeau saying on Friday that Canada's hospital system could be overwhelmed by a possible quadrupling of new COVID-19 cases by year end. The Canadian dollar was trading 0.4% higher at 1.3048 to the greenback, or 76.64 U.S. cents. The currency, which rose 0.3% last week, traded in a range of 1.3047 to 1.3094. Speculators have cut their bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of Nov. 17, net short positions had fallen to 20,359 contracts from 21,349 in the prior week. Britain and Canada struck a rollover trade deal on Saturday to protect the flow of $27 billion-worth of goods and services between them after Brexit, and vowed to start talks on a bespoke agreement next year. Bank of Canada Deputy Governor Toni Gravelle is due to speak on the stability of Canada's financial system and COVID-19 risks. The central bank will publish his prepared remarks at 2 p.m. (1900 GMT). Canadian government bond yields were higher across a steeper curve in sympathy with U.S. Treasuries. The 10-year yield rose 5 basis points to 0.703%. (Reporting by Fergal Smith; editing by Emelia Sithole-Matarise)