The Canadian dollar drove higher on Friday, extending its peak versus a retreating US currency on merger-related interest and stronger oil prices. Bond prices eased, pressured by a report showing Canadian manufacturers increasingly upbeat about output and employment prospects.
The Canadian unit finished at C$1.1160 to the US dollar or 89.61 US cents, up from C$1.1213, or 89.18 US cents, at Thursday's close. "The Canadian dollar has been a buy today, give the US dollar squaring," said Jack Spitz, director of foreign exchange at National Bank of Canada.
The greenback fell to a record low versus the euro after weak first-quarter US growth data, but the Canadian currency's strength was broad, as it rose versus the euro and pound and extended its 14-1/2 year highs against the yen.
Against the US currency, the Canadian dollar touched its highest level in 7 months, getting an overnight boost from a report that Norwegian energy group Statoil would buy Canada's North American Oil Sands Corp in a C$2.2 billion deal.
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