Canadian Dollar Holds Near Four-Week High on Rate Bets
The Canadian dollar steadied near a four-week high against the US dollar as investors maintained expectations for a Bank of Canada rate hike next week. Governor Tiff Macklem noted inflation forecasts will rise due to high oil prices.
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The Canada dollar held near a four-week high against USD/CAD on Wednesday as investors priced in an 80% chance of a rate hike. The currency traded at 1.4050, remaining near its strongest level since September 22.
