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Canadian dollar weakens 0.2% against greenback
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Trades in a range of 1.3583 to 1.3641
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Price of U.S. oil rises 0.5%
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10-year yield touches its highest since Nov. 9
TORONTO, March 2 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Thursday, moving closer to its weakest level since early January, as economic data fueled worries that major central banks will raise interest rates further. Equity markets globally fell and the safe-haven U.S. dollar rallied against a basket of major currencies amid fears that the Federal Reserve and the European Central Bank will continue to tighten monetary policy after data showed stickier-than expected euro zone inflation and sustained strength in the U.S. labor market. The Canadian dollar was trading 0.2% lower at 1.3615 to the greenback, or 73.45 U.S. cents, after moving in a range of 1.3583 to 1.3641. Last Friday, the currency touched its weakest level since Jan. 4 at 1.3665. Still, the loonie fell less than some other major currencies as the price of oil, one of Canada's major exports, was supported by signs of a strong economic rebound in top crude importer China. U.S. crude prices were up 0.5% at $78.11 a barrel. The Bank of Canada could also tighten further despite having signaled a pause in its interest rate hiking campaign, money market data showed. It is due to make a policy decision next Wednesday. Canadian government bond yields were up across the curve, tracking the move in U.S. Treasuries. The 10-year touched its highest level since Nov. 9 at 3.501% before dipping to 3.484%, up 6.8 basis points on the day. (Reporting by Fergal Smith; Editing by Paul Simao)
