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TORONTO, Aug 16 - The Canadian dollar strengthened against its U.S. counterpart on Friday as equity markets held on to recent gains and ahead of domestic inflation data in the coming week that could guide expectations for Bank of Canada interest rate cuts.
"A decent finish to the week for the Canadian dollar," said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull."I think the ability for equities to shrug off this morning's mildly hawkish-looking Michigan sentiment and inflation expectation readings has helped." Wall Street's main indexes were on course for their best weekly performance this year as better-than-expected data calmed nerves over a recession.
The currency has rebounded after tumbling on Aug. 5 to its weakest level in nearly two years at 1.3946 when financial market volatility globally soared.
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