Dollar Surges Against Loonie Amid Rising Treasury Yields

The US dollar has strengthened against the Canadian dollar on Friday afternoon, reaching its highest level since early August. The currency exchange rate is currently at CA$1.3997, a 0.04% increase from the previous day.

This move comes despite the US Federal Reserve's decision to raise interest rates by 25 basis points on Wednesday, which some might expect to weaken the dollar. However, US 10-year treasury yields have climbed back up to 5%, contributing to the dollar's gain.

Other markets are also experiencing fluctuations, with Comex gold futures for December rising 0.6% to $4,442.60 per ounce, and oil prices dropping after Saudi Arabia shifted some crude exports through the Strait of Hormuz. West Texas Intermediate October futures benchmark fell 1.1% to $100.76 per barrel, while November Brent crude futures edged down 1.1% to $103.66.