The Canadian dollar weakened slightly against the U.S. dollar on Wednesday, while yields on Canadian government bonds moved higher.

The loonie declined by 0.2%, trading at C$1.3985 to the U.S. dollar, equivalent to 71.51 U.S. cents. Throughout the session, it fluctuated within a range of C$1.3951 to C$1.3999.

Canada’s 10-year government bond yield rose by 4.2 basis points to 3.377%, reflecting a modest increase in borrowing costs. Meanwhile, the yield on comparable U.S. government bonds climbed to 4.4316%.

In the commodities market, U.S. crude oil futures for December delivery gained 71 cents, settling at $70.10 per barrel on Wednesday, potentially influencing market sentiment.