Loonie at 74.60 U.S. cents
strengthened to its highest level in nearly seven weeks against its U.S. counterpart on Thursday before paring gains as oil prices rose and investors weighed data showing that U.S. inflation pressures are subsiding.
Signs that inflation is slowing could support a move by the Federal Reserve to dial back the pace of its aggressive campaign to raise interest rates, reducing the risk of a sharp economic contraction. U.S. crude futures climbed 1.3 per cent to $78.40 a barrel, while the Canadian dollar was trading 0.1 per cent higher at 1.3405 to the greenback, or 74.60 U.S. cents, after touching its strongest since Nov. 25 at 1.3349.
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