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The Canadian dollar weakened against its U.S. counterpart on Wednesday as signs of acceleration in coronavirus cases worried stock market investors and weighed on the price of oil, one of Canada’s major exports.

Global shares fell as a rising number of coronavirus cases in the United States, China, Latin America and India dampened hopes of a swift recovery in the global economy.

U.S. crude prices were down 0.9 per cent at $39.99 a barrel, pressured by record high inventories as well as worries about a second wave of the pandemic.

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The Canadian dollar was trading 0.1 per cent lower at 1.3559 to the greenback, or 73.75 U.S. cents. The currency traded in a range of 1.3527 to 1.3596.

On Tuesday, the loonie touched its strongest intraday level in nearly two weeks at 1.3482 before turning lower as investors worried that Washington could reimpose tariffs on Canadian aluminum.

Canadian house prices will rise at a much slower pace this year than predicted only three months ago and will fall in 2021 as the coronavirus pandemic pushes up unemployment, curtailing immigration and the demand for homes, a Reuters poll showed on Wednesday.

Canadian government bond yields were higher across a steeper yield curve, with the 10-year up 3.6 basis points at 0.584 per cent.

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