* Canadian dollar at C$1.3691, or 73.04 U.S. cents
* Bond prices lower across the yield curve
TORONTO, May 8 The Canadian dollar weakened on
Monday against its U.S. counterpart, paring some of Friday's
gains as weaker-than-expected Chinese trade data reinvigorated a
recent selloff in metals, offsetting higher oil prices.
The loonie had rebounded on Friday from a 14-month low as
U.S. oil prices bounced back from levels not seen in five
months. Canada is a major producer of commodities, including oil
Copper prices slid to a four-month low after data showed a
sharp drop in imports into China, the world's biggest consumer,
feeding pessimism about demand following hefty inflows into
London Metal Exchange inventories last week.
U.S. crude prices were up 0.69 percent to $46.54 a
barrel as news that Organization of the Petroleum Exporting
Countries and other producers may extend production cuts offset
rising U.S. drilling.
At 9:57 a.m. ET (1357 GMT), the Canadian dollar was
trading at C$1.3691 to the greenback, or 73.04 U.S. cents, down
0.3 percent, according to Reuters data.
The currency traded in a range of C$1.3644 to C$1.3720.
Losses for the loonie came after U.S. Commerce Secretary
Wilbur Ross said on Saturday that threats of retaliatory trade
actions from Canadian officials were "inappropriate" and would
not influence final U.S. import duty determinations on Canadian
Speculators have ramped up bearish bets on the Canadian
dollar to the most since February 2016, data from the Commodity
Futures Trading Commission and Reuters calculations showed on
Friday. Canadian dollar net short positions rose to 47,704
contracts as of May 2 from 42,642 a week earlier.
Canadian government bond prices were lower across the yield
curve, with the two-year price down 3 Canadian cents
to yield 0.699 percent and the 10-year falling 13
Canadian cents to yield 1.557 percent.
(Reporting by Fergal Smith; Editing by Meredith Mazzilli)