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The Canadian dollar strengthened to a five-month high against its US counterpart https://t.co/D6NogtSXeA https://t.co/e6PYCoyEUK
The Canadian dollar strengthened to a five-month high against its US counterpart, helped by recent broad-based selling of the American currency and ahead of domestic GDP data this week that could guide bets on Bank of Canada rate cuts https://t.co/GWRGrMJZjc https://t.co/kCfzWk4ZRq
C$ notches 5-month high against under-pressure U.S. counterpart https://t.co/XKYOLwcXw6 https://t.co/GyeXiqdZsG
The Canadian dollar has strengthened to a five-month high against the US dollar, driven by a rally in oil prices and broad-based selling of the American currency. The Canadian dollar's rise comes as the strongest among the G10 currencies, ending the NA day with a 0.20% increase, while the Norwegian krone is the weakest, falling by 0.80%. This movement in the Canadian dollar is seen as a continuation of a short-covering recovery, marking a 3.5% rally over the past three weeks. The currency's strength is also attributed to anticipation of upcoming domestic GDP data, which could influence expectations regarding potential Bank of Canada rate cuts.
