Loonie at xx.xx U.S. cents
strengthened against its U.S. counterpart on Monday as stock markets rallied and investors awaited domestic inflation data that could offer clues on the Bank of Canada policy outlook.
Canada is a major producer of commodities, including oil, so the loonie tends to be sensitive to shifts in sentiment. Still, money markets see a roughly 40% chance the BoC will raise its benchmark interest rate at a policy decision next week to tackle inflation that remains well above the bank’s 2% target.
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