Loonie at 76.75 U.S. cents
strengthened to a 10-day high against its U.S. counterpart on Friday as investor sentiment improved globally, but the currency’s gains were capped by domestic employment data.
After the data, money markets dialled back the amount of additional tightening expected from the Bank of Canada by the end of the year to 48 basis points from 58 basis points. Meanwhile, the U.S. dollar retreated from recent peaks against a basket of major currencies after the European Central Bank’s historically large interest rate hike on Thursday helped provide some relief for global stock markets and currencies.
For the week, the loonie was on track to gain 0.8%, after posting declines in the previous three weeks.
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