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TORONTO: The Canadian dollar strengthened to an 11-day high against its US counterpart on Tuesday as expectations of a further escalation in the US-China trade war diminished.

Global stocks steadied after declines over the last two sessions, as the United States temporarily eased trade restrictions on Chinese tech giant Huawei to minimize disruption for its customers.

Economic growth in China and the United States could be 0.2pc-0.3pc lower on average by 2021, and 2022, if the two countries do not row back on tit-for-tat tariffs in a dispute that has dampened the global economic outlook, the OECD said.

Canada exports many commodities, including oil, and runs a current account deficit, so its economy could be hurt by a slowdown in the global flow of capital or trade.

US crude oil futures, which have been supported in recent days by escalating US-Iran tensions, were down 0.3pc at $62.94 a barrel.

At 9:05 a.m. (1305 GMT), the Canadian dollar was trading 0.2pc higher at 1.3399 to the greenback, or 74.63 US cents. The currency touched its strongest level since May 10 at 1.3396.

Canada will move quickly to ratify the new North American trade pact, Foreign Minister Chrystia Freeland said on Saturday, a day after the United States agreed to lift tariffs on Canadian steel and aluminum.

Canadian government bond prices were lower across the yield curve on Tuesday as the market reopened following Monday's Victoria Day holiday.

The 10-year declined 55 Canadian cents, while the bond's yield touched its highest since May 3 at 1.748pc.

Canada's housing market will stay stuck in the doldrums, with average prices stagnating this year and then rising 1.7pc next year, hardly keeping pace with inflation, a Reuters poll of economists and property market experts showed.

Copyright Reuters, 2019