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CANADA FX DEBT-Canadian dollar holds on to weekly gain as Wall Street rallies

Fergal Smith
·2 min read
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(Adds dealer quotes and details throughout; updates prices) * Canadian dollar trades in a range of 1.2676 to 1.2763 * Loonie gains 0.4% for the week * Price of U.S. oil settles 2.1% higher * Canada's 10-year yield climbs to an 11-month high By Fergal Smith TORONTO, Feb 12 (Reuters) - The Canadian dollar steadiedagainst its U.S. counterpart on Friday, with the currencyholding on to this week's gains as oil and Wall Street turnedhigher, having clawed back earlier declines. The loonie was trading nearly unchanged at 1.2697 tothe greenback, or 78.76 U.S. cents, having traded in a range of1.2676 to 1.2763. For the week, it rose 0.4%. "Equity markets caught a bid" which helped support theCanadian dollar on a day when there was not any notable NorthAmerican economic data to drive markets, said Tony Valente,senior FX dealer at AscendantFX. "All in all, it's been a decentweek for the CAD." The S&P 500 climbed to a record intraday high, while theprice of oil, one of Canada's major exports, settled 2.1% higherat $59.47 a barrel on hopes U.S. stimulus will boost theeconomy. Still, speculators have cut their bullish bets on theCanadian dollar, data from the U.S. Commodity Futures TradingCommission showed. As of Feb. 9, net long positions haddecreased to 9,528 contracts from 16,096 in the prior week. Canadian wholesale trade fell by 1.3% in December fromNovember on lower sales of motor vehicles and motor vehiclesparts and accessories, Statistics Canada said. Analysts hadforecast a 1.5% decrease. The Bank of Canada has forecast that the economy willcontract in the first quarter after lockdowns were implementedto curb the spread of the coronavirus pandemic. Canada will receive some doses of Pfizer Inc's COVID-19 vaccine earlier than scheduled and is on track toinoculate the entire population by the end of September, PrimeMinister Justin Trudeau said. Canadian government bond yields were higher across much of asteeper curve in sympathy with U.S. Treasuries. The 10-year rose 3.4 basis points to 1.034%, its highest sincelast March. (Reporting by Fergal Smith; editing by Jonathan Oatis)