Loonie at 73.23 U.S. cents
strengthened to a two-week high against its U.S. counterpart on Thursday as optimism that the Federal Reserve’s interest rate hiking campaign is nearing an end bolstered equity markets.
That indicated a clear shift in the U.S. central bank’s stance as it assesses recent turmoil in the banking sector that threatens to cause a severe economic downturn. Adding to support for the loonie, the price of oil, one of Canada’s major exports, moved higher for a fourth day. U.S. crude prices were up 0.5 per cent at $71.27 a barrel.
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