Canada Dollar Strengthens to Four-Week High as Crude-Oil Jumps – Bloomberg

The Canadian dollar strengthened to the highest in a month versus its U.S. counterpart as oil, the nation’s largest export, surged on concern tension in the Middle East may reduce exports.

The currency declined earlier as factory sales unexpectedly fell at the fastest pace in more than three years in April. Canada’s dollar rose for the second week after the nation posted its strongest job gains in more than a decade last month and home construction rose the most in 13 months, driving expectations to the highest in more than a year the central bank will raise rates.

“We have had a string of surprisingly strong data,” said Camilla Sutton, head of currency strategy at Bank of Nova Scotia (BNS), by phone from Toronto. The weak factory-sales report “just highlights the data is still quite uneven as the recovery is still quite uneven.”

via Canada Dollar Strengthens to Four-Week High as Crude-Oil Jumps – Bloomberg.