Reuters

Canadian dollar nears 2-month high on firm oil prices

The Canadian dollar edged higher against its U.S. counterpart on Tuesday as oil prices held near multiyear highs and recent domestic jobs data supported the case for another cut later this month to the Bank of Canada’s bond purchase program. The loonie was trading 0.2% higher at 1.2463 to the greenback, or 80.24 U.S. cents, after trading in a range of 1.2450 to 1.2498. “We think there may be a little more to come from the CAD ahead of the year-end,” strategists at Scotiabank, including Shaun Osborne, said in a note.

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