November 12, 2018 / 2:20 PM / 2 years ago

CANADA FX DEBT-C$ edges higher, oil price rebound supports

    * Oil gains after Saudi paves the way for an output cut
    * Canadian bond markets closed for Remembrance Day

    Nov 12 (Reuters) - The Canadian dollar edged higher against
a broadly stronger U.S. dollar on Monday, supported by a bounce
in the price of oil, but remained close to the multi-month low
touched on Friday.
    The price of oil, one of Canada's major exports, rose by
about 1 percent on Monday, set for its largest one-day increase
in about a month after Saudi Arabia said OPEC and its partners
believed demand was softening enough to warrant an output cut of
1 million barrels per day.             
    Saudi Arabia, the world's largest oil exporter, said on
Sunday it would cut its shipments by half a million barrels per
day in December due to seasonal lower demand.             
    At 09:05 a.m. (1405 GMT), the Canadian dollar          was
trading up 0.05 percent against the greenback, at 1.3204 or
75.73 U.S. cents. On Friday, the currency hit its weakest level
since July 20 at 1.3233.
    The U.S. dollar rallied to a more than 16-month high on
Monday as investors positioned for a Federal Reserve interest
rate rise next month and concern about political risks in Europe
put pressure on the euro and the pound.             
    The euro was 0.65 percent lower against the loonie
         , while sterling was 0.48 percent lower          .
    "Typically in a strong U.S. dollar environment, the Canadian
dollar gains on the crosses," Marc Chandler, chief market
strategist at Bannockburn Global Forex LLC, said in a note.
    Canadian bond markets were closed on Monday to mark
Remembrance Day.

 (Reporting by Saqib Iqbal Ahmed
Editing by Susan Thomas)
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