* Canadian dollar strengthens 0.3% against the greenback
* Loonie trades in a range of 1.2630 to 1.2682
* Price of U.S. oil rises 1.5%
* Canadian bond yields edge higher across the curve
TORONTO, Jan 11 (Reuters) - The Canadian dollar strengthened
against its U.S. counterpart on Tuesday as oil prices rose and
investors awaited further clues on the pace of expected U.S.
interest rate hikes.
Global stocks recovered some of their recent losses
as investors bought back into riskier assets ahead of the
appearance of U.S. Federal Reserve Chair Jerome Powell before
the Senate Banking Committee.
The prospect of faster-than-expected Fed tightening has
weighed on stocks over the past week.
The price of oil, one of Canada's major exports, was
supported by tight supply and hopes that rising coronavirus
cases and the spread of the Omicron variant will not derail a
global demand recovery.
U.S. crude oil futures rose 1.5% to $79.37 a barrel,
while the Canadian dollar was trading 0.3% higher at 1.2642 to
the greenback, or 79.10 U.S. cents. The currency traded in a
range of 1.2630 to 1.2682.
The U.S. Centers for Disease Control and Prevention (CDC)
and U.S. State Department have advised against travel to Canada
because of a rising number of COVID-19 cases as the Omicron
This month, Canada broke its one-day record for the highest
number of people hospitalized with COVID-19.
Canadian government bond yields edged higher across the
curve. The 10-year was up 1 basis points at 1.728%,
after touching on Monday its highest intraday level since Nov.
26 at 1.753%.
(Reporting by Fergal Smith; Editing by Kirsten Donovan)