The Canadian dollar rose to its highest level in more than five weeks against the greenback on Monday, as data showed Canada’s current account surplus turning positive and ahead of an expected interest rate hike this week by the Bank of Canada.
Canada’s current account surplus was C$5.0 billion in the first quarter, swinging from a revised C$137 million deficit in the fourth quarter.
It was the widest surplus since the second quarter of 2008.
The Canadian dollar was trading 0.5% higher at 1.2657 to the greenback, or 79.01 U.S. cents, after touching its strongest since April 22.
The price of oil, one of Canada’s major exports, was up 1.8% at $117.17 a barrel as traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports.
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