strengthened against its U.S. counterpart on Thursday as investor sentiment rose and ahead of jobs data this week that could offer clues on the strength of the domestic economy.
Economists forecast that Canada’s economy added 15,000 jobs in January after a blockbuster 104,000 increase in December. The data is due for release on Friday. Still, the central bank has signaled a pause in tightening to assess how well rate hikes are working to lower inflation. Gains for the loonie were less than for the other G10 currencies as the price of oil, one of Canada’s major exports, declined. U.S. crude oil futures were down 0.8 per cent at $77.87 a barrel after U.S. oil inventories hit their highest in months.
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