Canadian dollar heads for biggest monthly gain in a year
The loonie rose 2.2% this month as the Bank of Canada signaled rate hikes to curb inflation. First-quarter growth of 1.7% exceeded official bank forecasts.
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Canada's dollar rose 0.5% to 1.3610 per United States dollar on Thursday afternoon, marking a 2.2% monthly advance. The USD/CAD pair reached its strongest monthly performance since April 2025 following hawkish signals from the Bank of Canada. Investors are now pricing in a July rate hike as persistent energy costs threaten to keep domestic inflation elevated.
