Canadian dollar hits one-month high on oil gains

Nasdaq drops 1%, stocks head for weekly loss as tech slide dominates sentiment Investing.com -- The Canadian dollar rose to its strongest level in one month on Friday as oil prices climbed and recent U.S. inflation data reduced expectations for Federal...

Nasdaq drops 1%, stocks head for weekly loss as tech slide dominates sentiment Investing.com -- The Canadian dollar rose to its strongest level in one month on Friday as oil prices climbed and recent U.S. inflation data reduced expectations for Federal Reserve interest rate increases. The loonie traded 0.2% higher at 1.4015 per U.S. dollar, or 71.35 U.S. cents, reaching its strongest intraday level since June 17 at 1.4006.

The currency gained 1% for the week, marking its largest weekly advance since April. The spread between Canada’s 2-year yield and its U.S. equivalent narrowed by 3.2 basis points to approximately 130 basis points in favor of the U.S. note, the tightest level since June 16. U.S. crude oil futures settled 4.5% higher at $82.49 per barrel, extending this week’s gains after the U.S. and Iran increased attacks across the Gulf.

Oil represents one of Canada’s primary exports.