steadied against its U.S. counterpart on Monday as the bond market’s enthusiasm about the choice of U.S. Treasury secretary offset a drop in oil prices and caution ahead of comments by a Bank of Canada policymaker.
“There are some factors netting each other out,” said Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc. The price of oil, one of Canada’s major exports, settled 3.2 per cent lower after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict.
“Any information will be dissected by the market,” Richardson said, adding that hotter-than-expected Canadian inflation data last week has cooled expectations for another outsized interest rate cut from the central bank next month.
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