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The Canadian dollar strengthened against its U.S. counterpart on Friday, recovering from an earlier one-week low as oil prices rose and a speech by Federal Reserve Chairman Jerome Powell helped boost stocks and weaken the greenback.

Equity markets rose globally and the U.S. dollar fell against a basket of other major currencies after Powell outlined a steady, surprise-free course for monetary policy in a speech at the annual central bankers symposium in Jackson Hole, Wyoming.

“This isn’t a CAD specific move,” said Brad Schruder, director of corporate sales and structuring at BMO Capital Markets. “The reaction today is really just an unwind of the bid to the (U.S.) dollar that we saw yesterday.”

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On Thursday, the loonie fell 0.6 per cent as the greenback broadly climbed.

Investors could also get clues Friday on prospects for further interest rate increases from the Bank of Canada. Its governor, Stephen Poloz, is due to give an interview to CNBC television at about 4:15 p.m. EDT (2015 GMT). On Saturday, Poloz will participate in a panel discussion in Jackson Hole.

“The market is going to be looking for any kind of signal that a move from the Bank of Canada might happen sooner rather than later,” Schruder said.

The Canadian central bank hiked interest rates last month for the fourth time in a year to leave its benchmark interest rate at 1.50 per cent. Money markets expect another hike by October.

At 2:46 p.m. (1846 GMT), the Canadian dollar was trading 0.4 per cent higher at $1.3031 to the greenback, or 76.74 U.S. cents.

The currency touched its weakest intraday since Aug. 17 at $1.3102. For the week, it was on track to rise 0.2 per cent.

The price of oil , one of Canada’s major exports, settled 1.3 per cent higher on signs that Iran sanctions may limit global supply and that the U.S.-Chinese trade dispute may not curb China’s appetite for U.S. crude.

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Canada has its own trade feud with the United States and is also in slow-moving talks to revamp the North American Free Trade Agreement.

U.S.-Mexico talks to craft a deal on new auto industry rules under NAFTA will continue into the weekend, Mexico’s economy minister said on Friday.

Canadian government bond prices dipped across the yield curve. The 10-year declined 7 Canadian cents to yield 2.268 per cent. The yield touched its highest intraday since Aug. 15 at 2.296 per cent.

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