Skip to main content
Complete Olympic Games coverage at your fingertips
Your inside track on the Olympic Games
Enjoy unlimited digital access
$1.99
per week for 24 weeks
Complete Olympic Games coverage at your fingertips
Your inside track onthe Olympics Games
$1.99
per week
for 24 weeks
// //

The Canadian dollar rose against the greenback on Friday and posted its longest streak of weekly gains since 2016, as speculative bets on the currency climbed and investors shook off the Bank of Canada’s concern that further strength could hurt the economy.

The loonie was trading 0.4% higher at 1.2109 to the greenback, or 82.58 U.S. cents and was up 0.2% for the week, its seventh straight weekly advance. It has climbed more than 5% since the start of the year, the biggest gain among G10 currencies.

Speculators have raised their bullish bets on the Canadian dollar to the highest since November 2019, data from the U.S. Commodity Futures Trading Commission showed. As of May 11, net long positions had increased to 38,629 contracts from 25,947 in the prior week.

Story continues below advertisement

If the currency continues to rise, it could create headwinds for exports and business investment as well as affecting monetary policy, BoC Governor Tiff Macklem said on Thursday.

“The market had a little bit of time to think about exactly what the Bank of Canada Governor was saying yesterday and they realized that the fundamentals behind what’s driving prices right now hasn’t changed,” said Brad Schruder, director of corporate sales and structuring at BMO Capital Markets.

Some of the commodities that Canada produces, including copper and oil, have surged this year as the global economy recovers from the coronavirus crisis.

U.S. crude oil futures settled 2.4% higher on Friday at $65.37 a barrel, reversing some of the previous day’s sharp losses as stock markets strengthened and the U.S. dollar slipped.

Domestic data for March showed that factory sales rose 3.5% and wholesale trade was up 2.8%.

Canada’s 10-year yield was little changed at 1.559%. On Thursday, it touched its highest intraday level in eight weeks at 1.624%.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies