Canadian dollar rises as oil prices surge
The Canadian dollar climbed Thursday after oil prices escalate, but traders do not expect its surge to last as they assimilate whether the Federal Reserve will increase interest rates as early as next week. US crude ended at $45.92 a barrel. As the Bank of Canada retained rates yesterday, investors turn their attention to Fed's rate decision next week. The loonie finished at 75.60 US cents from Wednesday's 75.47 US cents. Whether a rate increase happens next week or later in the year, the currency may weaken as traders “favor the US dollar,” said Ken Wills, Head of Corporate Exchange North America at CanadianForex.
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