Investing.com — The Canadian dollar held near a one-month high against its U.S. counterpart on Friday, extending a rally supported by rising oil prices and shifting expectations for interest rates in Canada.
The U.S. dollar was trading around C$1.4000 in early trading, although the exact exchange rate at 8:10 a.m. ET could not be independently verified. A decline in the USD/CAD pair indicates a stronger Canadian dollar.
Oil prices have provided support for the loonie, as Canada is a major energy exporter and higher crude prices can improve the country’s export revenues. However, fluctuations in global energy markets and geopolitical tensions continue to create uncertainty for currency traders.
Investors are also assessing the Bank of Canada’s next policy decision, scheduled for October 28, with expectations for interest rates remaining an important driver of the Canadian dollar. A more hawkish outlook relative to the U.S. Federal Reserve could provide further support for the currency.
Original Article
Canadian dollar holds near one-month high as rate outlook supports loonie
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