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CANADA FX DEBT-Canadian dollar pulls back from 3-week high as greenback steadies

Fergal Smith
·2 min read
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(Adds strategist quotes and details throughout; updates prices) * Loonie touches its strongest since Jan. 22 at 1.2660 * Price of U.S. oil settles 0.8% lower * Canadian bond yields trade mixed across a steeper curve By Fergal Smith TORONTO, Feb 11 (Reuters) - The Canadian dollar steadiedagainst its U.S. counterpart on Thursday, pulling back from itsstrongest level in nearly three weeks as a winning streak foroil ended and the greenback broadly steadied. The loonie was trading nearly unchanged at 1.2698 tothe greenback, or 78.75 U.S. cents, after having touched itsstrongest intraday level since Jan. 22 at 1.2660. The U.S.dollar was little changed against a basket of major currenciesafter it was pressured on Wednesday by a dovish Federal Reserveoutlook. "The market is still trying to figure out its outlook forthe U.S. dollar," said Eric Theoret, global macro strategist atManulife Investment Management. Theoret expects the Canadian dollar to pull back to 1.30 asa faster rollout of the COVID-19 vaccine in the United Statesthan in Canada gives the U.S. economy a head start on reopening. The price of oil, one of Canada's major exports, fell forthe first time this month after both OPEC and the InternationalEnergy Agency said renewed lockdowns and the emergence of newcoronavirus variants reduced the prospect of a swift demandrecovery. U.S. crude prices settled 0.8% lower at $58.24 abarrel, while the rally on Wall Street lost some momentum after U.S. President Joe Biden said the United States must raise itsgame in the face of the challenge from China. Canadian government bond yields were mixed across a steepercurve in sympathy with U.S. Treasuries, with the 10-year rising nearly 1 basis point to 0.996%. Earlier inthe day, it touched its highest level since last March at1.031%. (Reporting by Fergal Smith; Editing by Alexandra Hudson andPeter Cooney)