TORONTO - The heavily shorted Canadian dollar strengthened against its U.S. counterpart on Monday as stock markets rallied and investors awaited domestic inflation data that could offer clues on the Bank of Canada policy outlook.
Canada is a major producer of commodities, including oil, so the loonie tends to be sensitive to shifts in sentiment. Still, money markets see a roughly 40% chance the BoC will raise its benchmark interest rate at a policy decision next week to tackle inflation that remains well above the bank's 2% target.
Speculators have raised their bearish bets on the loonie to the most in three weeks, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of Oct. 10, net short positions had increased to 46,489 contracts from 40,151 in the prior week. Warren Buffett's business partner, Charlie Munger, would be a lot richer today if he hadn't sold or donated over 75% of his Berkshire Hathaway stock.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: SooToday - 🏆 8. / 85 Read more »