Forex
Canadian Dollar Weakens Amid US Rate Hike Expectations
The Canadian dollar weakened on Friday, extending its decline from the previous week relative to its US counterpart.
At the end of the day, the CAD settled at US$0.7142 or a rate of $1=C$1.4002, slightly lower than Thursday's close of US$0.7149 or $1=C$1.3988.
The expectation of more interest rate hikes from the U.S. Federal Reserve is supporting the value of the USD internationally, despite ongoing uncertainty in the Middle East affecting crude oil prices.