Summary Canadian dollar strengthens 0.2% against the greenbackPrice of U.S. oil increases 2%Canada manufacturing PMI dips to 48.8 in JuneCanadian bond yields rise across the curveTORONTO, July 4 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Tuesday as oil prices rose and despite domestic data that showed factory activity slowing further in June.
Speculators have slashed their bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission showed on Friday.
The price of oil , one of Canada's major exports, climbed 2% to $71.16 a barrel as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook.
Contraction in Canada's manufacturing sector deepened slightly in June as an uncertain economic outlook weighed on both domestic and foreign demand.
Canadian government bond yields were higher across the curve, with the 10-year up 6.4 basis points at 3.335%.
Persons:
greenback Price, Fergal Smith, Josie Kao
Organizations:
greenback, Canadian, U.S, U.S . Commodity Futures Trading, P Global Canada Manufacturing, Bank of Canada, BoC, Thomson
Locations:
Canada, TORONTO, Saudi Arabia, Russia