Canadian dollar climbs to 4 week high as oil jumps

The Canadian dollar strengthens 0.7% against the U. S. counterpart. The Canadian currency has touched its strongest level since 7 September 1.2561 as U.S. oil price has climbed by 3% and the Canadian bond yields rise across a steeper curve.

The Canadian dollar on Monday strengthened to its highest level in nearly four weeks against its U.S. counterpart as the price of oil, one of Canada’s major exports, rose and the USD gave back some recent gains against major rivals.

Oil advanced as sources said that OPEC+has agreed to stick to the existing production agreement despite pressure from consumers to cool a red hot market.

The U.S. crude prices were up 3% at $78.19 a barrel, while the U.S. dollar declined against a basket of currencies. Losses for the U.S. dollar came after four consecutive weeks of increases.