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TORONTO: The Canadian dollar was little changed against its broadly weaker U.S. counterpart on Thursday as lower oil prices offset a dovish signal on the pace of interest rate hikes from the U.S. Federal Reserve.

World shares touched a two-month high and the U.S. dollar swooped towards a three-month low against a basket of major currencies after minutes from the Fed’s latest meeting, released on Wednesday, pointed to a slower pace of U.S. interest rate rises from next month.

The Bank of Canada has already downshifted the pace of its rate increases but is likely not done yet with tightening, money market data shows.

Inflation in Canada remains too strong, and higher interest rates will be needed to cool the overheating economy, BoC Governor Tiff Macklem said in testimony at the House of Commons on Wednesday.

The Canadian dollar was trading nearly unchanged at 1.3350 to the greenback, or 74.91 U.S. cents.

It stuck to a tight range of 1.3329 to 1.3362 ahead of what is likely to be thinner than usual North American trading conditions with U.S. financial markets closed for Thanksgiving.

The price of oil, one of Canada’s major exports, was down 0.7% at $77.41 a barrel as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply.

Once burning-hot Canadian house prices are expected to tumble a total 17.5% from their peak in a slowdown already well under way, according to a Reuters poll of market experts.

Canadian government bond yields eased across the curve along with lower yields for major European bond markets.

The 10-year touched its lowest level since Aug. 19 at 2.907% before recovering slightly to 2.928%, down 4.5 basis points on the day.

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