Oil price rally propels loonie to four-week high against the U.S. dollar

Currencies of commodity-exporting nations such as Norway and Canada led gains over the past five days as oil heads for the biggest weekly advance since April while speculation builds that the Federal Reserve will be slow to raise interest rates.

The Canadian dollar strengthened to a four-week high against its U.S. counterpart on Friday as oil rallied and weaker-than-expected U.S. data weighed on the greenback.

At 9:28 a.m. EDT (1328 GMT), the Canadian dollar traded at C$1.2944 to the greenback, or 77.26 U.S. cents, stronger than Thursday’s close of C$1.2980, or 77.04 U.S. cents. The currency’s weakest level of the session was C$1.2993, while it touched its strongest since July 15 at C$1.2926.

Read the full article on Financial Post.