Canadian dollar pulls back from 2½ month high as oil falls
weakened against its U.S. counterpart on Thursday, pulling back from its highest level in 2-1/2 months, as investors turned attention to U.S. jobs data that could offer clues on the Federal Reserve policy outlook.
“We’ve seen the U.S. dollar strengthen in the last couple of hours as traders square up positions before tomorrow’s U.S. employment data,” said Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc.Economists expect that data on Friday will show the U.S. economy adding 185,000 jobs in January, which would be a smaller increase than in December.
The Bank of Canada has already signaled a pause, after raising its benchmark rate last week to a 15-year high of 4.50%.
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