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The Canadian dollar nudged higher against its U.S. counterpart on Friday as oil prices steadied and domestic data showed a drop in industrial capacity to a record low, but the loonie ended the week lower after climbing for five straight weeks.

The loonie was trading 0.1% higher at 1.3180 to the greenback, or 75.87 U.S. cents, having traded in a range of 1.3151 to 1.3207. It ended the week 0.9% lower.

A rebound in the U.S. dollar and lower oil prices weighed on the Canadian dollar this week, said Colin Cieszynski, chief market strategist at SIA Wealth Management.

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The move “looks like a trading correction,” said Cieszynski, adding “it was getting overbought by the end of August.”

On Sept. 1, the loonie notched a near eight-month high at 1.2990.

U.S. crude oil prices settled 0.1% higher on Friday but were down for a second straight week, as investors expect a global glut to persist due to sagging demand with COVID-19 cases rising in some countries.

The production capacity of Canadian industries tumbled to 70.3% in the second quarter from 79.8% in the first quarter due to shutdowns to battle the coronavirus outbreak, Statistics Canada said.

Separate data from the agency showed the ratio of Canadian household debt-to-income posted a record decline in the second quarter, falling to 166.8%, not seasonally adjusted, from a revised 171.1% in the first quarter.

Speculators have cut their bearish bets on the Canadian dollar to the lowest in six weeks, data from the U.S. Commodity Futures Trading Commission showed. As of Sept. 8, net short positions had fallen to 17,355 contracts from 27,006 in the prior week.

Canadian government bond yields were mixed across a flatter curve, with the 10-year easing 1.4 basis points to 0.550%.

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