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The Canadian dollar was little changed against its U.S. counterpart on Thursday after hitting its weakest in nearly one year earlier in the session, as investors waited for domestic inflation data and a meeting of major oil producers.

At 4 p.m. EDT, the Canadian dollar was trading nearly unchanged at $1.3302 to the greenback, or 75.18 U.S. cents. The currency touched its weakest level since June 22, 2017, at $1.3336.

“It is no surprise that the market is flat ahead of the OPEC meeting and critical reports on the consumer and inflation,” said Adam Button, currency analyst at ForexLive.

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Canadian inflation data for May and the April retail sales report are due out on Friday and could help guide investor expectations for an interest rate hike next month from the Bank of Canada .

Investors are betting that Bank of Canada interest rate hikes will peak before they reach the central bank’s estimate of neutral, as rising trade tensions and high domestic debt loads threaten to slow the growth of the country’s economy.

The price of oil, one of Canada’s major exports, fell ahead of a meeting on Friday of the Organization of the Petroleum Exporting Countries, where producers were expected to boost output to stabilize prices.

U.S. crude oil futures settled 0.3 per cent lower at $65.54 a barrel.

Stocks on Wall Street fell as the impact of an ongoing trade spat between the United States and China began to appear in company earnings forecasts, while a media report said Beijing could target U.S. blue-chip firms.

Canada runs a current account deficit so its currency could suffer if increased risk aversion disrupts the flow of capital.

The loonie has also been pressured recently by slow-moving talks to renegotiate the North American Free Trade Agreement and a trade feud between the United States and Canada.

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“The tone on trade has been bad but the Canadian dollar still doesn’t reflect how nasty a true trade dust up could get,” Button said.

Canadian government bond prices were higher across a flatter yield curve, with the 10-year rising 37 cents to yield 2.143 per cent.

The 10-year yield touched its lowest intraday since April 4 at 2.123 per cent.

Canadian wholesale trade increased by 0.1 per cent in April from March after an upwardly revised 1.4 per cent gain in the prior month, Statistics Canada said.

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