CANADA FX DEBT-Canadian dollar extends this week’s decline as oil falls By Reuters

© Reuters.

* Canadian dollar weakens 0.3% against the greenback

* Loonie trades in a range of 1.2461 to 1.2527

* Canadian retail sales fall by 1.1% in January from December

* Canadian bond yields ease across the curve

TORONTO, March 19 (Reuters) – The Canadian dollar weakened against its U.S. counterpart on Friday as oil fell, but the currency stuck to a narrower range than the day before as bond yields steadied and domestic data showed retail sales falling less than expected in January.

The price of oil , one of Canada’s biggest exports, was down 0.5% at $59.68 a barrel. It follows a big sell-off the previous day as a new wave of coronavirus infections across Europe triggered fresh lockdowns and dampened expectations of any imminent recovery in fuel demand. Canadian dollar was trading 0.3% lower at 1.2519 to the greenback, or 79.88 U.S. cents, having traded in a range of 1.2461 to 1.2527.

The loonie has pulled back from its strongest intraday level in three years at 1.2361 on Thursday, while it was on track to decline 0.4% for the week.

Canadian retail sales fell by 1.1% in January from December as provincial governments began re-introducing health restrictions to combat a resurgence of coronavirus cases, Statistics Canada said. analysts had forecast a decline of 3%, while sales were estimated by Statistics Canada to rebound 4% in February.

U.S. bond yields edged off the 14-month highs reached the day before. Investors have worried that the recent move higher in long-term rates could crimp global economic recovery. government bond yields were lower across the curve, with the 10-year down 1.1 basis points at 1.596%. On Thursday, it touched its highest intraday level since January last year at 1.677%.

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