The Canadian dollar rallied against the greenback on Friday as domestic data eased fears about a weak housing market and after a bet by Warren Buffett on one of Canada's major energy companies that could boost sentiment in the country's oil patch. Warren Buffett's Berkshire Hathaway Inc said on Thursday it had taken a fresh stake in Suncor Energy Inc for the second time in about six years, sending the company's shares nearly four percent higher on Friday.
At 3:56 p.m. EST (2056 GMT), the Canadian dollar was trading 0.4 percent higher at 1.3246 to the greenback, or 75.49 US cents. The currency on Thursday touched its weakest intraday level in nearly three weeks at 1.3340, but still finished the week up 0.3 percent.
Gains for the loonie came as stocks were boosted by rising hopes the United States and China can hammer out an agreement resolving their protracted trade war. "Warren Buffett planting his flag in the Canadian oil patch is a promising sign that we may have reached a bottom in Canadian energy," said Adam Button, chief currency analyst at ForexLive.
Canadian government bond prices were lower across the yield curve in sympathy with US Treasuries. The 10-year fell 16 Canadian cents to yield 1.895 percent. Canada's bond market will be closed on Monday for the Family Day holiday.
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