Canadian Dollar Rises to Six Week High on Oil Prices
The Canadian dollar strengthened to a six-week high against the US dollar as surging oil prices reinforced expectations for further interest rate hikes. This came despite data showing the domestic economy stalled in August.
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The Canada currency strengthened 0.2% to 1.3955 per USD/CAD on Friday, heading for a 2% monthly advance. Surging oil prices fueled expectations of further monetary tightening, overshadowing stagnant domestic growth.
