Canadian dollar reaches one-month high

The Canadian dollar rose to its highest level in a month against the US dollar, supported by rising oil prices and a narrowing of the bond yield gap between Canada and the United States. Expectations of the Bank of Canada raising interest rates next week further boosted the currency, with investors currently estimating a 75% chance of a hike to 2.50%. Additionally, a 2.2% increase in oil prices, driven by fears of energy supply disruptions in Saudi Arabia, helped strengthen the Canadian dollar, while the two-year bond yield spread narrowed by 11 basis points in favor of the United States. The USD/CAD pair is expected to test the 1.40 level, amid growing bets on future rate hikes and bond market movements.

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