toronto dec 16 reuters  the canadian dollar strengthened against its us counterpart on thursday as more central banks took steps to fight back against inflation and domestic data showed wholesale trade climbing in october world stocks marched back towards record highs as surging inflation saw britain and norway hike interest rates after the us federal reserve accelerated its stimulus withdrawal read more on wednesday bank of canada governor tiff macklem said that slack in canadas economy caused by the coronavirus pandemic has substantially diminished a key sign the central bank is set to begin hiking rates soon read more canadian wholesale trade rose by 14 in october from september to a record high on an increase in sales in motor vehicles and motor vehicle parts and accessories statistics canada said separate data from payroll services provider adp showed that canada added 231800 jobs in november the biggest increase since march led by a pickup in hiring in the leisure and hospitality sector the canadian dollar strengthened 04 to 12774 per greenback or 7828 us cents after trading in a range of 12764 to 12857 on wednesday the loonie touched its weakest intraday level since aug 20 at 12936 before rebounding as stocks rallied following the fed decision the price of oil one of canadas major exports was supported on thursday by record us implied demand and falling crude stockpiles even as the spread of the omicron coronavirus variant threatens to put a brake on consumption globally read more us crude futures climbed 12 to 7175 a barrel while canadian government bond yields were lower across much of the curve the 10year touched its lowest intraday level since sept 24 at 1381 before recovering to 1395 down 17 basis points on the day