April 25, 2017 / 1:42 PM / 4 months ago

CANADA FX DEBT-C$ slumps to 14-month low after U.S. sets lumber duties

    * Canadian dollar at C$1.3594, or 73.56 U.S. cents
    * Loonie hits a 14-month low at C$1.3615
    * Bond prices lower across the yield curve

    TORONTO, April 25 (Reuters) - The Canadian dollar slumped to
a 14-month low against its U.S. counterpart on Tuesday after the
United States said it would impose preliminary anti-subsidy
duties averaging 20 percent on imports of Canadian softwood
lumber.
    The move sets a tense tone as the two countries and Mexico
prepare to renegotiate the 23-year-old North American Free Trade
Agreement.             
    At 9:22 a.m. ET (1322 GMT), the Canadian dollar          was
trading at C$1.3594 to the greenback, or 73.56 U.S. cents,
weaker than Monday's close of C$1.3516, or 73.99 U.S. cents.
    The currency's strongest level of the session was C$1.3498,
while it touched its weakest since Feb. 25, 2016, at C$1.3615.
    Recent weakening in the price of oil, one of Canada's major
exports, has added to pressure on the nation's currency amid
doubts about the Organization of the Petroleum Exporting
Countries' ability to reduce global crude inventories.
            
    U.S. crude        was down 0.30 percent at $49.08 a barrel.
    Canadian government bond prices were lower across the yield
curve in sympathy with U.S. Treasuries. The two-year           
fell 3.5 Canadian cents to yield 0.757 percent, and the 10-year
            declined 27 Canadian cents to yield 1.52 percent.
    Canadian retail sales data for February is due on Wednesday.
        

 (Reporting by Fergal Smith; Editing by Lisa Von Ahn)
  
 

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