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The Canadian dollar strengthened against its U.S. counterpart on Monday as oil prices climbed and domestic data showed a surge in home sales to a record high, with the loonie nearing its strongest level in nearly seven months.

Canadian home sales rose 26 per cent in July from June, posting the highest monthly level ever recorded, the Canadian Real Estate Association (CREA) said, as pent-up demand following lockdowns continued to fuel the market.

The price of oil, one of Canada’s major exports, rose as China’s plans to increase U.S. crude imports countered rising tensions between the two major consumers.

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U.S. crude prices were up 1.1 per cent at $42.49 a barrel, while the Canadian dollar was trading 0.5 per cent higher at 1.3201 to the greenback, or 75.75 U.S. cents. The currency, which last Thursday touched its strongest intraday level since Jan. 30 at 1.3188, traded in a range of 1.3195 to 1.3262.

The U.S. dollar fell against a basket of major currencies ahead of the release of minutes this week of the Federal Reserve’s last policy meeting. Speculation is rife the U.S. central bank will adopt an average inflation target.

Speculators have raised bearish bets on the loonie to the highest in seven weeks, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of Aug. 4, net short positions had increased to 23,195 contracts from 12,496 in the prior week.

Canadian Prime Minister Justin Trudeau and Finance Minister Bill Morneau are scheduled to meet on Monday in a bid to sort out their differences, said a Reuters source aware of the meeting.

Canadian government bond yields were lower across a flatter curve in sympathy with U.S. Treasuries. The 10-year fell 2.9 basis points to 0.584 per cent, extending its pullback from a two-month high last Thursday at 0.642 per cent.

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