Forex
Canadian Dollar Rises to One-Week High Amid BoC Inflation Warnings
The Canadian dollar rose to its highest level in over a week against the US dollar on Thursday, following the Bank of Canada's decision to keep interest rates unchanged.
The loonie strengthened by 0.20% to C$1.3817 per US dollar, according to live Investing.com data, after opening at 1.3844.
This move marks a rebound from Tuesday, when the Canadian dollar fell to its weakest level since August 13th.
The Bank of Canada's decision was widely expected, but Governor Tiff Macklem emphasized the intensifying inflation risks, which encouraged investors to increase their bets on rising borrowing costs.