Canada's dollar headed higher for a third straight session on Friday, lifted by a rising European oil price, but limited movement was expected in thin trade ahead of the holidays. At 8 am (1 pm GMT), the Canadian currency was at C$1.0072 to the US dollar, or 99.29 US cents, up from Thursday's North American session close at C$1.0089 to the US dollar, or 99.12 US cents.
Earlier, it touched as high as C$1.0053 to the greenback, or 99.47 US cents, its strongest level in a week, as oil hovered around its highest levels in more than two years, supported by cold weather across the globe and appetite for risk assets.
"Pre-holiday thin conditions combined with an early close suggest that it will all wrap up by midday today. The range on dollar/Canada should see it potentially trade down to C$1.0040, likely no higher than C$1.0090 in a relatively muted session," said Jack Spitz, managing director of foreign exchange at National Bank Financial.
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