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The Canadian dollar weakened against the greenback on Monday, pulling back from a nearly four-week high, as investors weighed whether cautious language might accompany an expected Bank of Canada interest rate hike this week.

The Bank of Canada will hike interest rates on Wednesday as strong job growth and rising inflation pressures override concerns about a deepening trade rift with the United States, a Reuters poll found.

Money markets see a roughly 90 percent chance of a rate increase. Bets for a hike were boosted by domestic data on Friday showing a stronger-than-expected jobs gain.

“I think the Bank of Canada will increase interest rates this week, but there is a danger it’s … a dovish hike while there is still uncertainty around trade,” said Amo Sahota, director at Klarity FX in San Francisco. A “dovish hike” is a rate increase accompanied by guidance from the central bank that reduces expectations for additional tightening.

Canada is engaged in a trade feud with the United States and is also in slow-moving talks with the United States and Mexico to revamp the North American Free Trade Agreement.

At 3:15 p.m. (1915 GMT), the Canadian dollar was trading 0.2 percent lower at C$1.3113 to the greenback, or 72.26 U.S. cents. The currency earlier touched its strongest intraday level since June 14 at C$1.3066.

The price of oil was supported by increased global demand and U.S. efforts to shut out Iranian output using sanctions. U.S. crude oil futures settled 0.1 percent higher at $73.85 a barrel.

The U.S. dollar recovered from its lowest point in more than three weeks to edge higher against a basket of major currencies.

Canadian government bond prices were lower across the yield curve, with the two-year down 6 Canadian cents to yield 1.945 percent and the 10-year falling 33 Canadian cents to yield 2.167 percent. The two-year yield touched its highest intraday since June 13 at 1.947 percent.