Canadian dollar hasn't gone up with oil prices like it usually does, complicating the Bank of Canada's inflation fight

“The dollar is crushing every major currency in its path,” said Karl Schamotta, chief market strategist at Corpay. “Evidence of a continued acceleration in prices, coupled with a broadening in core pressures have heightened expectations for a more aggressive response from the Federal Reserve in the near term — while also raising the likelihood of an economic downturn further out.”

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