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The Canadian dollar strengthened to its highest level in nearly seven months against its U.S. counterpart on Tuesday as the greenback broadly declined and investors weighed reports of who will replace Bill Morneau as Canada’s finance minister.

Canadian Prime Minister Justin Trudeau will tap Deputy Prime Minister Chrystia Freeland, a former journalist and his most trusted ally, to be his new finance minister after Morneau resigned on Monday, Canadian media reported.

Canada’s budget deficit is forecast to hit $343.2 billion this fiscal year. At about 16 per cent of gross domestic product, it is the largest shortfall since World War Two.

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The Canadian dollar was trading 0.4 per cent higher at 1.3156 to the greenback, or 76.01 U.S. cents. The currency notched its strongest intraday level since Jan. 27 at 1.3148.

The U.S. dollar fell against a basket of other major currencies for a fifth consecutive trading day, approaching its lowest level in two years under pressure from low yields and bleak economic data in the United States.

The price of oil, one of Canada’s major exports, dipped but hung on to most of its gains from the previous session when it was supported by high compliance with production cuts from members of the OPEC+ producer group. U.S. crude prices were down 0.3 per cent at $42.76 a barrel.

Canadian government bond yields were little changed across the curve in sympathy with U.S. Treasuries, with the 10-year holding at about 0.580 per cent. Last Thursday, it notched a two-month high at 0.642 per cent.

Canada’s inflation report for July is due on Wednesday.

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