\n<\/p>\n
(Adds analyst quotes and details throughout; updates prices)<\/p>\n
*<\/p>\n
Canadian dollar weakens 0.7% against the greenback<\/p>\n
*<\/p>\n
Trades in a range of 1.3504 to 1.3695<\/p>\n
*<\/p>\n
Canadian exports fall 2.9% in August<\/p>\n
*<\/p>\n
10-year yield rises 14.9 basis points to 3.277%<\/p>\n
TORONTO, Oct 5 (Reuters) – The commodity-linked Canadian
\ndollar weakened against its U.S. counterpart on Wednesday as the
\ngreenback broadly climbed and domestic data showed exports
\nfalling in August, with the loonie losing ground despite higher
\noil prices.<\/p>\n
The Canadian dollar was down 0.7% at 1.36 to the
\ngreenback, or 73.53 U.S. cents, after trading in a range of
\n1.3504 to 1.3695. The currency was pulling back from its
\nstrongest intraday level in 11 days on Tuesday at 1.3501.<\/p>\n
“It appears to be a wave of broad U.S. dollar buying,” said
\nErik Nelson, a currency strategist at Wells Fargo in New York.
\n“Notably the rebound in oil prices and equities is providing
\nonly minimal support to the Canadian dollar here against a
\nresilient greenback.”<\/p>\n
The U.S. dollar rallied against a basket of major
\ncurrencies as data showed that U.S. private employers stepped up
\nhiring in September and the Reserve Bank of New Zealand lifted
\ninterest rates to a seven-year high, promising more pain to
\ncome.<\/p>\n
The stance of New Zealand’s central bank contrasted with a
\ndovish turn by the Reserve Bank of Australia on Tuesday, which
\nhelped boost investor sentiment globally on hopes other central
\nbanks would ease off on tightening.<\/p>\n
The RBNZ’s move dispelled “some expectation of a central
\nbank rate pivot,” Shaun Osborne, chief currency strategist at
\nScotiabank, said in a note.<\/p>\n
Canada’s trade surplus narrowed to C$1.5 billion ($1.1
\nbillion) in August as exports dropped 2.9%.<\/p>\n
One of Canada’s major exports is oil. It added to its gains
\nin recent days as OPEC+ agreed to its deepest cuts to production
\nsince the 2020 COVID-19 pandemic.<\/p>\n
U.S. crude prices settled 1.4% higher at $87.76 a
\nbarrel, while Canadian government bond yields were higher across
\na steeper curve, tracking the move in U.S. Treasuries.<\/p>\n