CANADA FX DEBT-C$ hits 3-month high as hot inflation supports rate hike bets - NewsBreak

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By Shannon in Business
Updated 2 years ago

(Adds strategist quote and details throughout, updates prices) * Canadian dollar strengthens 0.4% against the greenback * Touches strongest level since July 6 at 1.2308 * Canada's annual inflation rate climbed to 4.4% in September * Price of U.S. oil settles 1.1% higher By Fergal Smith TORONTO, Oct 20 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Wednesday, as oil prices rose and domestic data showing an 18-year high for inflation supported expectations for the Bank of Canada to raise interest rates before the Federal Reserve. Canada's annual inflation rate climbed to 4.4% in September, driven by high gas prices, soaring housing costs and rising food prices, data showed, putting the focus on the Bank of Canada ahead of a rate decision next week. "Canadian inflation was stronger. That helps the whole argument about when will interest rates go up and who will be first," said Amo Sahota, director at Klarity FX in San Francisco. Money markets expect the first

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