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The Canadian dollar strengthened against its U.S. counterpart on Thursday as the greenback broadly declined and metal prices rose, while investors awaited comments on the financial system by Bank of Canada Governor Tiff Macklem.

Macklem is due to hold a news conference at 11 a.m. ET (1500 GMT) to discuss the Bank of Canada’s Financial System Review.

It follows data on Wednesday showing Canadian inflation climbing in April at the fastest pace in a decade and above the Bank of Canada’s target range of 1% to 3%.

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The U.S. dollar slipped but remained well above three-month lows hit on Wednesday after minutes from the Federal Reserve’s last policy meeting showed there was more talk of it tapering its bond purchases than investors had expected.

Base and precious metal prices climbed, with copper up 0.4%, but the price of oil , one of Canada’s major exports, was down 0.6% at $62.99 a barrel, after diplomats said progress was made toward a deal to lift sanctions on Iran, which could boost crude supply.

The Canadian dollar was trading 0.5% higher at 1.2076 to the greenback, or 82.81 U.S. cents, having traded in a range of 1.2075 to 1.2144.

On Tuesday, it touched its strongest in six years at 1.2013, bolstered by the recent surge in commodity prices and an improved outlook for the domestic economy.

Canada added 351,300 jobs in April, the third straight month of increases, despite a tightening of COVID-19 restrictions, a report from payroll services provider ADP showed.

Canada’s retail sales report for March is due on Friday.

Canadian government bond yields were mixed across a flatter curve, with the 10-year down 1 basis point at 1.568%.

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