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The Canadian dollar CADUSD weakened against its U.S. counterpart on Monday, pulling back from a two-month high, as oil prices tumbled and the greenback broadly climbed.

The loonie was down 0.4% at 1.2525 to the greenback, or 79.84 U.S. cents, after trading in a range of 1.2474 to 1.2592.

It follows nine straight days of gains for the currency, the longest winning streak since August 2016. On Friday, it touched its strongest level since Jan. 20 at 1.2462.

“Phased coronavirus lockdowns in Shanghai are raising questions over the health of the world’s largest marginal oil consumer,” said Karl Schamotta, chief market strategist at Corpay.

“The risk premium embedded in oil prices is shrinking as buyers and their intermediaries learn to navigate the Western sanctions regime.”

The price of oil, one of Canada’s major exports, fell as Shanghai entered a two-stage lockdown of 26 million people in an attempt to curb the spread of COVID-19.

U.S. crude oil futures settled nearly 7% lower at $105.96 a barrel, while the U.S. dollar jumped against a basket of major currencies as the Bank of Japan’s move to contain rising bond yields weighed on the Japanese yen .

Meanwhile, the U.S. Treasury yield curve, as measured by the gap between five and 30-year yields, briefly inverted for the first time since early 2006, raising concerns about the risk of recession.

Canada’s curve has also flattened as investors weigh prospects of the Bank of Canada raising interest rates by 50 basis points at its April 13 policy announcement. The BoC has not hiked by that magnitude since May 2000, preferring to move in 25 basis point increments. .

The 2-year yield touched its highest since October 2008 at 2.427% before dipping to 2.362%, up 0.8 basis points on the day. The 10-year eased 2.2 basis points to 2.523%.

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