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US Dollar Strengthens Against The Loonie As US Treasury Hikes Bond Buyback to $6 Billion

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The US dollar nudge higher against the Canadian currency on Wednesday afternoon as the US Treasury Department announced it would raise its bond buybacks to up to $6 billion for an operation beginning Thursday, and as rising oil prices increased inflationary pressures.

Future operations would be at least $4 billion, CNBC reported.

US 10-year bond yields were up 4.829%. The greenback rose 0.2% to CA$1.3803 on last look.

Oil prices also continued their upward climb as Middle East hostilities escalated.

West Texas Intermediate October crude oil futures, the US benchmark, were last seen up 2.8% to $95.65 per barrel. November Brent oil futures, the international benchmark, rose 3% to $100.82 per barrel.

Comex gold December futures also advanced, up 0.45%, to $4,459 per ounce.

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