Loonie at 73.88 U.S. cents
strengthened to a near two-week high against its U.S. counterpart on Thursday as oil rebounded from its lowest level of the day, putting pressure on investors that have placed bearish bets on the currency.
The move came as the other dollar bloc currencies, the Australian and New Zealand dollars, also gained ground. The price of oil, one of Canada’s major exports, settled 0.1% lower at $68.56 a barrel but clawed back much of its earlier decline. It follows sharp losses in the previous two days. “The one thing that Canada has got going for it is how aggressive the market is pricing in Fed rate cuts,” Chandler said.
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