Canadian dollar hits four-week high on rate hike bets
The Canadian dollar reached a four-week high against the US dollar as investors increased bets on a Bank of Canada rate hike following hawkish remarks from Governor Tiff Macklem. Higher crude prices and rising inflation pressures also boosted bond yields.
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The Canada dollar rose 0.3% to 1.4095 per the United States dollar on Monday afternoon, driven by rising rate hike bets. The currency touched 1.4071, its strongest level since September 23. The move came as swap markets priced an 80% chance of a policy rate increase later this month.
