The Canadian dollar strengthened against its U.S. counterpart on Tuesday as oil prices rose and despite domestic data that showed factory activity slowing further in June.
The loonie was up 0.2% at 1.3225 to the greenback, or 75.61 U.S. cents, in subdued trading with U.S. financial markets closed for the July 4 public holiday.
Speculators have slashed their bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of June 27, net short positions had decreased to 2,847 contracts from 33,543 in the prior week. Canada's employment report for June is due for release on Friday. The data could help guide expectations for next week's interest rate decision by the Bank of Canada.
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