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TORONTO: The Canadian dollar barely moved against its US counterpart on Tuesday as investors weighed US inflation data ahead of comments by some senior Bank of Canada officials, including Governor Tiff Macklem. US producer prices increased solidly in October, indicating that high inflation could persist for a while amid tight supply chains related to the pandemic.

The price of oil, one of Canada's major exports, rose for a third session, as the US lifting of travel restrictions and more signs of a global post-pandemic recovery boosted the demand outlook. US crude prices were up 0.3% at $82.21 a barrel, while the Canadian dollar was trading nearly unchanged at 1.2446 to the greenback, or 80.35 US cents.

The currency traded in a range of 1.2428 to 1.2459. On Friday it touched its weakest level in more than three weeks at 1.2479. Bank of Canada Deputy Governor Paul Beaudry will give opening remarks to a lecture as the central bank hosts its annual economic conference. The remarks are due at 12:10 p.m. ET (1710 GMT).

At 5:45 p.m. ET, Macklem will give closing remarks at a joint conference of the Federal Reserve Board, Bank of England, European Central Bank and Bank of Canada on diversity and inclusion in economics, finance and central banking. The BoC risks cutting short the current economic expansion if it shifts its focus from reducing slack in the economy to tamping down inflation, potentially setting the stage for the next cycle of rate cuts.

Canadian government bond yields were lower across the curve, tracking the move in US Treasuries. The 10-year eased 4.1 basis points to 1.588%, pulling back from a 2-1/2-month high earlier this month at 1.766%.

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