Canadian dollar hits six-week high as oil prices boost inflation concerns

The Canadian dollar has extended its monthly gains, driven by the rise in oil prices, which has heightened concerns about inflation. Reuters reported that the loonie reached a six-week high of C$1.3955 per U.S. dollar, marking a 2% increase for the month. The rise in energy costs has contributed to broader inflationary pressures, which could prompt the Bank of Canada to consider further interest rate hikes. The central bank recently increased its policy rate by 25 basis points to 2.5%, citing energy prices as a significant factor in inflation risks.

Source: Crypto Briefing