November 19, 2018 / 3:26 PM / 2 years ago

CANADA FX DEBT-C$ edges lower as oil price slips

    * Oil snaps three day streak of gains
    * Traders focused on Canadian CPI, retail data due later
this week

    Nov 19 (Reuters) - The Canadian dollar edged lower against
its U.S. counterpart on Monday, straying close to the nearly
four-month low touched last week, as oil prices slipped and
global risk appetite remained in check.
    The price of oil, one of Canada's major exports, fell by
about 1 percent on Monday, snapping a three-day streak of gains,
as investors weighed up the effectiveness of a potential cut in
supply from OPEC and possibly other exporters in the face of
rapidly rising global output.             
    Benchmark Brent crude         is almost 25 percent below
early October's 2018 peak of $86.74, as evidence of slowing
demand has materialized and output from the United States,
Russia and Saudi Arabia hit historic highs.             
    However, Shaun Osborne, chief FX strategist at Scotia
Capital, said he did not expect the Canadian dollar to move much
    "We are focused on domestic data releases at the end of the
week," Osborne said.
    This week's domestic event calendar is busy with public
appearances by Carolyn Wilkins, senior deputy governor at the
Bank of Canada, and Bank of Canada Deputy Governor Timothy Lane,
ahead of CPI and retail sales data due on Friday.  
    On Monday, broader risk sentiment was weak and U.S. stocks
opened down on the day as investors fretted over concerns about
slowing demand for iPhones, while conflicting signals of a
potential truce in the China-U.S. trade dispute added to market
    At 10:02 a.m. (1502 GMT), the Canadian dollar          was
trading down 0.38 percent against the greenback, at 1.3192 or
75.79 U.S. cents. On Wednesday, the currency hit its weakest
level since July 20 at 1.3264.
    Canadian government bond yields were slightly lower on the
day, with the yield on the 10-year             at 2.362 percent.

 (Reporting by Saqib Iqbal Ahmed
Editing by Susan Thomas)
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