TORONTO: The Canadian dollar was little changed against the greenback on Friday, holding near its weakest level in more than five weeks as oil prices fell and investors continued to assess data this week showing an acceleration in US inflation.
The loonie was trading nearly unchanged at 1.2579 to the greenback, or 79.50 US cents, after touching its weakest intraday level since Oct. 6 at 1.2604. The currency was on track for its fourth straight weekly decline, with a loss of 1%.
The price of oil, one of Canada's major exports, fell 1.2% to $80.64 a barrel as the US dollar continued to firm on expectations that the Federal Reserve will bring forward an increase to interest rates in an effort to tame inflation. The greenback was on track for its biggest weekly rise in five months.
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