* Canadian dollar trades in a range of 1.2104 to 1.2156
* Canadian producer prices rise 14.2% year-over-year in
April
* Price of U.S. oil falls 2.3%
* Canada's 10-year yield touches an 8-week high at 1.624%
TORONTO, May 13 (Reuters) - The Canadian dollar was little
changed against its U.S. counterpart on Thursday, having pulled
back from a 6-year high the day before, as oil prices fell and
investors awaited a speech by Bank of Canada Governor Tiff
Macklem.
The price of oil, one of Canada's major exports, was down
2.3% at $64.56 a barrel as India's coronavirus crisis deepened
and a key U.S. pipeline resumed operations, halting a rally that
had lifted crude to an eight-week high.
Higher prices for oil and other commodities have raised the
outlook for inflation. Producer prices rose by 14.2%
year-over-year in April, the biggest increase since February
1980, led by lumber and other wood products, a flash estimate
from Statistics Canada showed.
The Canadian dollar was trading nearly unchanged at
1.2125 to the greenback, or 82.47 U.S. cents, having traded in a
range of 1.2104 to 1.2156.
On Wednesday, it touched its strongest intraday level since
May 2015 at 1.2042, bolstered by surging commodity prices and
the Bank of Canada's shift in guidance last month to show it
could start raising its benchmark interest rate from a record
low of 0.25% in late 2022.
The central bank also tapered its bond purchases, becoming
the first major central bank to cut back on pandemic-era
money-printing stimulus programs.
BoC Governor Tiff Macklem is due to speak at 11 a.m. ET
(1500 GMT) on "the benefits of an inclusive economy."
Canada's 10-year yield touched its highest level since March
18 at 1.624% before pulling back to 1.587%, down 1.4 basis
points on the day.
(Reporting by Fergal Smith
Editing by Bernadette Baum)
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