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The Canadian dollar edged higher against its broadly weaker U.S. counterpart on Monday as investors awaited a Federal Reserve meeting this week, with the loonie adding to last week’s advance.

The U.S. dollar fell against a basket of major currencies, while oil , one of Canada’s major exports, was up 0.1 per cent at $72.12 a barrel as the prospect of tight supply offset fears that the spread of the COVID-19 Delta variant would crimp demand.

The Fed is due to make an interest rate decision on Wednesday. Also on Wednesday, the Canadian Consumer Price Index Report for June is set for release.

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The CPI data will include updated weights for the basket of goods and services in the index, with shifts including a higher weighting for the shelter component as housing prices soar.

The Canadian dollar was trading 0.2 per cent higher at 1.2534 to the greenback, or 79.78 U.S. cents, after gaining 0.4 per cent last week.

Still, speculators have slashed their bullish bets on the currency to the lowest level since April, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of July 20, net long positions had fallen to 12,915 contracts from 26,376 in the prior week.

Canadian government bond yields were little changed across the curve, with the 10-year up less than half a basis point at 1.211 per cent. Last Tuesday, it touched a 5-month low at 1.104 per cent.

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