Canadian dollar reaches four-week peak
The Canadian dollar recorded its highest level in four weeks, benefiting from increased expectations of an upcoming interest rate hike by the Bank of Canada, with the chances of a rate increase rising to around 80% for the October 28th meeting. This optimism persists despite ongoing inflation concerns driven by rising oil prices and geopolitical tensions in the Middle East, even though Canada's annual inflation rate stood at 3.1% in September.
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