Forex – Canadian dollar hits fresh 4-week highs
The Canadian dollar rose to fresh four-week highs against its broadly weaker U.S. counterpart on Tuesday, boosted by higher prices for oil and robust domestic data.
USD/CAD was down 0.3% to 1.3462 by 09.30 ET, its lowest trough since April 24.
The price of oil, a major Canadian export pushed higher amid hopes that major producers will extend supply cuts for a prolonged period later this week, amid efforts to reduce a global supply glut.
The loonie received an additional boost after data showing that the value of Canadian wholesale trade grew by 0.9% in March, hitting a record high.
The increase was mainly due to increased demand for building materials and supplies, Statistics Canada said.
The greenback was struggling near six-month lows against a currency basket as expectations for fiscal stimulus under the Trump administration faded amid political turmoil in Washington.
Recent weeks have seen a steady stream of revelations surrounding the FBI’s investigation into alleged Russian interference in November’s presidential election and reports that President Donald Trump attempted to interfere with the judicial process.