TORONTO, Oct 13 - The Canadian dollar edged higher against its U.S. counterpart on Friday as the price of oil, one of Canada's major exports, moved sharply higher and investors raised bets on another Bank of Canada interest rate hike later this month.
"I think oil prices going up is definitely helping but it is still a very small movement in that regard," said Amo Sahota, director at Klarity FX in San Francisco. Bank of Canada Governor Tiff Macklem said a recent surge in long-term bond yields is not a substitute for monetary policy and the bank would be weighing whether to let previous rate hikes work through the economy or raise again to counter sticky inflation.
"I think they would probably prefer to stay sidelined," said Sahota."It's going to take a little push higher in inflation for the Bank of Canada to really escalate the potential of another rate hike."
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