Sumary of Canadian dollar beats G10 peers as inflation hits 18-year high:
- Article content TORONTO — The Canadian dollar on Wednesday strengthened against its U.S. counterpart and all but one of the other G10 currencies as oil prices rose and domestic data showed inflation climbing to its highest level in 18 years.
- The loonie was up 0.4% at 1.2642 to the greenback, or 79.10 U.S. cents, after trading in a range of 1.2631 to 1.2708. “It looks like broad U.S. dollar weakness although there were positive developments (for the Canadian dollar) on the inflation front,” said Simon Harvey, senior FX market analyst Article content for Monex Europe and Monex Canada.
- The Bank of Canada’s three measures of core inflation all posted gains, but analysts expect the central bank to stick to the view that the factors pushing up inflation are transitory.