Canadian Dollar Advances as Economic Gains Prompt Rate-Rise Bets
This article is for subscribers only.
The Canadian dollar rose to the strongest level in a month against its U.S. peer as investors bet a strengthening economy will convince the Bank of Canada to raise its benchmark interest rate.
The currency gained for a second week versus the greenback as volatility in global foreign-exchange markets reached the highest in a year amid speculation on when the Federal Reserve will start tapering monetary stimulus. Canada posted its strongest job gains in more than a decade last month and home construction rose the most in 13 months, driving expectations to the highest in more than a year the Bank of Canada will raise rates. Oil rose to a nine-month high.