strengthened to a five-week high against its U.S. counterpart on Wednesday as investors welcomed U.S. inflation data that could keep the door open to Federal Reserve interest rate cuts this year.
“It is giving the market confidence that the Fed could be looking at cutting rates later in the year,” said Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc. The price of oil settled 0.8% higher at $78.63 a barrel, while the Canadian dollar was trading 0.3% higher at 1.36 per U.S. dollar, or 73.53 U.S. cents. The currency touched its strongest intraday level since April 10 at 1.3592.
Canadian Dollar Dollar Exchange Value Loonie Nopop
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