TORONTO, Nov 25 - The Canadian dollar steadied against its U.S. counterpart on Monday as the bond market's enthusiasm about the choice of U.S. Treasury secretary offset a drop in oil prices and caution ahead of comments by a Bank of Canada policymaker.
"There are some factors netting each other out," said Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc. The price of oil , one of Canada's major exports, settled 3.2% lower after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict.
"Any information will be dissected by the market," Richardson said, adding that hotter-than-expected Canadian inflation data last week has cooled expectations for another outsized interest rate cut from the central bank next month.