Canadian Dollar Posts Fourth Consecutive Weekly Gain
The Canadian dollar rose 0.6% this week as manufacturing activity reached its highest level since 2022. Economic growth may lead to additional rate increases.
Canada's dollar rose 0.6% this week, marking its fourth consecutive weekly gain despite a 0.1% dip on Friday evening. The loonie hit 1.3585 against the United States dollar as domestic manufacturing reached a four-year high. Accelerating growth and 1.7% Q1 GDP expansion increase pressure on the Bank of Canada (BoC) to hike interest rates.
### Manufacturing Growth Hits Four-Year Peak The S&P GLOBAL INC Canada Manufacturing PMI rose to 53.3 in April, up from 50.0 in March. This represents the highest activity level since June 2022. Middle East tensions drove stock building and added to inflation pressures, according to the report.
