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CANADA FX DEBT-C$ weakens as oil prices shrug off output cut

    * Canadian dollar at C$1.3968 or 71.56 U.S. cents
    * Bond prices mixed across the maturity curve

    By Saqib Iqbal Ahmed
    NEW YORK, April 13 (Reuters) - The Canadian dollar was
slightly weaker against its U.S. counterpart on Monday, as oil
prices were largely unmoved by a  landmark deal by OPEC and its
allies to cut output.
    The Canadian dollar          was at C$1.3968 to the
greenback, or 71.56 U.S. cents, weaker than Friday's close of
C$1.3953, or 71.7 U.S. cents.
    The price of oil, one of Canada's major exports, fluctuated
on Monday as the positive impact of major producers agreeing on
record global output cuts was offset by concerns they will not
be sufficient to reduce a glut as the coronavirus outbreak
hammers demand.             
    OPEC and allies led by Russia agreed on Sunday to a record
cut in output to prop up oil prices amid the COVID-19 pandemic
and said they had an unprecedented deal with fellow oil nations,
including the United States, to curb global oil supply by 20%.
            
    Measures to slow the spread of the coronavirus have
destroyed demand for fuel and driven down oil prices, straining
budgets of oil producers.
    "CAD softness reflects the market’s dissatisfaction with the
'historic' oil production cuts agreed by OPEC+ last week and its
lack of impact on WTI," Shaun Osborne, chief FX strategist at
Scotiabank in Toronto, said in a note.
    Canadian government bond prices were mixed across the
maturity curve, with the two-year            up 5.1 basis points
 at 0.45% and the benchmark 10-year             down 1 basis at
0.75%.

 (Reporting by Saqib Iqbal Ahmed; editing by Jonathan Oatis)
  
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