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CANADA FX DEBT-Canadian dollar pares weekly decline as economy grows

·2 min read

* Canadian dollar rises 0.2% against the greenback * Canadian GDP gains 1.2% in August * Loonie on track to fall 1.3% for the week * Canadian bond yields rise across a flatter curve TORONTO, Oct 30 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Friday as data showed further recovery in Canada's economy, but the currency was still headed for one of its biggest weekly drops since April as coronavirus cases surged globally. The Canadian economy grew by 1.2% in August, the fourth consecutive monthly gain, Statistics Canada said. It was a bigger advance than analysts expected, while a flash estimate showed further expansion of 0.7% in September. The loonie was trading 0.2% higher at 1.3290 to the greenback, or 75.24 U.S. cents, having traded in a range of 1.3281 to 1.3346. It has fallen 1.3% since the start of the week, which has cut its advance in October to just 0.2%. The price of oil, one of Canada's major exports, moved in and out of negative territory but remained on course for a second monthly fall as rising COVID-19 cases in Europe and the United States heighten concerns over fuel consumption. U.S. crude oil futures were nearly unchanged at $36.17 a barrel, while world stocks fell further as jitters over rising infections and next Tuesday's U.S. presidential election more than offset strong euro zone quarterly growth data. [ Bank of Canada Governor Tiff Macklem sees the benefit of sticking with increased government spending to support an economy that has been hammered by the COVID-19 crisis, even as the central bank keeps some of its own firepower in reserve. Earlier this week, the central bank left its benchmark interest rate at a record low of 0.25% and tweaked asset purchases toward longer-term bonds. Canadian government bond yields rose across a flatter curve, with the 5-year up 2.5 basis points at 0.392%. (Reporting by Fergal Smith; editing by Jonathan Oatis)