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TORONTO — The Canadian dollar weakened against its U.S. counterpart on Thursday, pressured by lower oil prices and broader gains for the greenback as investors weighed how the policies of U.S. president-elect Donald Trump could affect economic growth.

Trump has promised to cut taxes and spend on infrastructure, but analysts said fears about the impact of some of his campaign promises on Canadian trade have raised the risk of an interest rate cut by the Bank of Canada.

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The central bank cut rates twice last year as a plunge in oil prices hit the economy. The bank has kept rates at 0.50 per cent since July 2015, but acknowledged after its policy meeting last month that it had considered cutting again.

Canada relies heavily on selling goods and services into the much larger U.S. market. Trump has pledged to renegotiate the North American Free Trade Agreement.

U.S. crude prices were down 1.33 per cent at $44.67 a barrel as markets focused on global oversupply and a key OPEC meeting this month at which members could decide to cut production. Oil is one of Canada’s major exports.

Thursday morning, the Canadian dollar was trading at 74.12 U.S. cents, weaker than Wednesday’s close of 74.75 U.S. cents.

On Wednesday, the loonie touched an eight-month low at 74.07.

© Thomson Reuters 2016