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The Canadian dollar was little changed against its broadly stronger U.S. counterpart on Wednesday, steadying ahead of domestic trade and jobs data over the coming days and after it pulled back from a near eight-month high the day before.

The loonie was trading nearly unchanged at 1.3068 to the greenback, or 76.52 U.S. cents. The currency traded in a range of 1.3053 to 1.3095. On Tuesday, it notched its strongest intraday level since Jan. 8 at 1.2990.

The pullback since Tuesday has “had more to do with the broader USD story,” said Alvise Marino, a foreign exchange strategist at Credit Suisse in New York. “CAD was somewhat vulnerable ... being at a multi-month high.”

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The U.S. dollar extended its rebound from a two-year low against a basket of major currencies, while the price of oil, one of Canada’s major exports, was pressured by a drop in U.S. gasoline demand. U.S. crude oil futures settled 2.9 per cent lower at $41.51 a barrel.

“Expect the CAD to generally track the broader tone of the USD for now ... that might mean the CAD can regain a bit more ground on the crosses,” strategists at Scotiabank, including Shaun Osborne, said in a note.

Against both the euro and the Australian dollar, the Canadian dollar advanced about 0.7 per cent.

Canadian labor productivity rose at a record pace in the second quarter, climbing 9.8 per cent, as hours worked fell at a much faster pace than business output, Statistics Canada said.

Canada’s trade report for July is due on Thursday and the August jobs report is due on Friday, which could offer clues on the strength of economic recovery from the coronavirus crisis.

Canadian bond yields eased across much of a flatter curve in sympathy with U.S. Treasuries on Wednesday. The 10-year was down 2.9 basis points at 0.548 per cent.

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