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TORONTO: The Canadian dollar on Tuesday fell to its lowest level in nearly three months against the greenback, as worries about the Omicron variant dampened investor sentiment and ahead of a government fiscal update that could show limited new spending.

Global shares fell and the U.S. dollar rose to a near one-week high as investors nervously eyed the spread of the Omicron variant and awaited numerous central bank decisions due this week.

"The increased concerns from public health officials are weighing on sentiment, not only here in Canada but abroad," said Michael Goshko, corporate risk manager at Western Union Business Solutions.

"There's so much uncertainty. It's not surprising to see commodity currencies like the Canadian dollar get harmed in an environment like this."

The price of oil, one of Canada's major exports, declined as the International Energy Agency said the new variant was set to dent the global demand recovery.

Canadian dollar slips

U.S. crude futures settled down 0.8pc at $70.73 a barrel, while the Canadian dollar was trading 0.4pc lower at 1.2855 to the greenback, or 77.79 U.S. cents, after touching its weakest level since Sept. 20 at 1.2863.

It was the fifth straight day of declines for the currency, the longest losing streak since March 2020.

Canadian Prime Minister Justin Trudeau's government is due at 4 p.m. ET (2100 GMT) to outline new fiscal and economic forecasts. With inflation surging, some business groups and opposition politicians have called for more spending restraint.

Investors were also awaiting a potential decision on faster tapering from the Federal Reserve on Wednesday.

Canadian government bond yields were higher across the curve.

The 10-year rose 4.1 basis points to 1.438pc, after touching on Monday its lowest level in 2-1/2 months at 1.389pc.

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