CANADA FX DEBT-Canadian dollar recovers from 4-week low as oil rallies

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 (Adds strategist quotes and details throughout; updates prices)
    * Loonie touches its weakest since Oct. 12 at 1.2485
    * Price of U.S. oil settles 2.7% higher at $84.15 a barrel 
    * Canadian bond yields ease across the curve

    By Fergal Smith
    TORONTO, Nov 9 (Businesshala) - The Canadian dollar was little
changed against its U.S. counterpart on Tuesday, recovering from
its weakest level in four weeks earlier in the session as oil
prices rose and investors awaited fresh impetus for direction.
    The loonie        was trading nearly unchanged at 1.2440 to
the greenback, or 80.39 U.S. cents, after touching its weakest
intraday level since Oct. 12 at 1.2485. The currency has traded
in a narrow range around 1.2450 since Friday.    
    "I think markets are looking for the next catalyst," said
Greg Anderson, global head of foreign exchange strategy at BMO
Capital Markets.
    "With the move we've seen in oil today and the drift down in
global interest rates, personally I think the next substantive
move in USD-CAD is lower."
    The price of oil       , one of Canada's major exports,
settled 2.7% higher at $84.15 a barrel after the United States
lifted travel restrictions and other signs of a global
post-pandemic recovery boosted the demand outlook.             
    The U.S. 10-year yield             fell to its lowest level
in nearly seven weeks despite data showing U.S. producer prices
increased solidly in October.             
    Canadian government bond yields eased across the curve,
tracking the move in U.S. Treasuries. The 10-year            
was down 3.8 basis points at 1.591%, pulling back from a
2-1/2-month high earlier this month at 1.766%.    
    Analysts say that the Bank of Canada risks cutting short the
current economic expansion if it shifts its focus from reducing
slack in the economy to tamping down inflation.             
    BoC Governor Tiff Macklem is due to give closing remarks at
a joint conference of the Federal Reserve Board, Bank of
England, European Central Bank and Bank of Canada at 5:45 p.m.
ET (2245 GMT).  

 (Reporting by Fergal Smith
Editing by Mark Heinrich and Jonathan Oatis)
  
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