Loonie at 74.35 U.S. cents
was little changed against its U.S. counterpart on Wednesday, with the currency giving back its earlier gains as oil prices fell and the U.S. Federal Reserve added to its hawkish stance.
“The U.S. dollar is climbing against its major rivals as Treasury yields push higher across the front-end of the curve, and risk-sensitive assets – from equities to the Canadian dollar – are weakening,” Karl Schamotta, chief market strategist at Corpay, said in a note. On Tuesday, the currency touched its strongest intraday level in nearly six weeks at 1.3378 after stronger-than-expected domestic inflation data bolstered prospects of additional interest rate hikes by the Bank of Canada.
Money markets see a roughly 50% chance that the BoC will resume tightening in October, up from 23% before the inflation data.
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