Canadian dollar firms

TORONTO: The Canadian dollar edged higher against its US counterpart on Thursday despite lower oil prices, with investors awaiting a speech from Bank of Canada Governor Tiff Macklem that could offer clues on the outlook for bond purchases.

Macklem is due to speak at 12 p.m. ET (1600 GMT) on the reinvestment phase of the central bank’s quantitative easing program. The choice of topic could signal that bond purchases are likely to be reduced further over the coming months from the current level of C$2 billion per week. The reinvestment phase is an issue Macklem “would only seriously air when the bank’s asset purchases are nearing an end,” strategists at Scotiabank, including Shaun Osborne, said in a note.