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The Canadian dollar CADUSD was little changed against its U.S. counterpart on Tuesday, with the currency holding near a three-month low as the Bank of Canada highlighted Canada’s recent history of weak productivity growth.

The loonie was trading nearly unchanged at 1.3585 to the U.S. dollar, or 73.61 U.S. cents, after trading in a range of 1.3553 to 1.3590. On Friday, the currency touched a three-month low at 1.3614.

Bank of Canada Senior Deputy Governor Carolyn Rogers said businesses urgently needed to boost investment to increase productivity, adding this would help insulate the economy against the threat of inflation.

“It is rare for a central banker to use such strong words in describing her own economy,” said Adam Button, chief currency analyst at ForexLive.

“There isn’t much holding the Canadian dollar up at the moment aside from oil and positive risk sentiment. The domestic economy is not a tailwind for the Canadian dollar and given those comments I struggle to see how it will be in the future.”

The Canadian central bank expects the domestic economy to barely grow this year despite historically high population growth that is being driven by immigration.

Still, a preliminary estimate on Tuesday showed Canadian wholesale trade rising 0.8 per cent in February from January.

The price of oil, one of Canada’s major exports, fell as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks. U.S. crude oil futures settled 0.4 per cent lower at $81.62 a barrel.

Canadian government bond yields moved higher across the curve, with the 10-year up 0.7 basis points at 3.498 per cent.

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