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The Canadian dollar strengthened against its U.S. counterpart on Monday after strengthening factory data in China and Europe bolstered investor sentiment, with the currency clawing back some of last week’s sharp decline.

World shares recovered from one-month lows as the factory data offset news of fresh coronavirus lockdowns in Europe, while investors prepared for more volatility arising from Tuesday’s U.S. presidential election.

Canada sends about 75% of its exports to the United States, including oil, so the loonie could be sensitive to election uncertainty. U.S. crude prices were down 1.8% at $35.15 a barrel on worries that widening lockdowns would weaken fuel demand.

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The Canadian dollar was trading 0.4% higher at 1.3263 to the greenback, or 75.40 U.S. cents, having traded in a range of 1.3257 to 1.3370. Last week’s 1.5% decline for the loonie was its biggest weekly drop since April.

Speculators have cut their bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of Oct. 27, net short positions had fallen to 18,069 contracts from 19,075 in the prior week.

Canada on Friday increased its immigration targets to bolster the economy and fill jobs in sectors experiencing shortages after the COVID-19 pandemic led to closed borders and a sharp slowdown in new arrivals, the immigration minister said.

Canadian government bond yields were mixed across a flatter curve on Monday, with the 10-year down 1.6 basis points at 0.651%.

Canada’s trade report for September is due on Wednesday, while the October jobs report is due on Friday.

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