Canadian Dollar Hits Six-Week High on Yield Gap
The Canadian dollar strengthened to a six-week high against the US dollar following a Bank of Canada rate hike that narrowed the bond yield gap. Elevated oil prices and softer US inflation further supported the currency.
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The Canada dollar rose to a six-week high against its United States counterpart during Thursday afternoon trading after a domestic rate hike narrowed the sovereign yield gap. USD/CAD traded 0.1% higher at 1.3982, reaching its strongest level since September 16 at 1.3966.
