After touching the highest level in 2009 as commodities and stocks climbed and the greenback lost appeal yesterday, the loonie did not manage to sustain its levels and dropped as the crude oil declined today.

Yesterday was marked by a raise in risk appetite as interest rates were increased in Australia, providing support for high-yielding currencies like the Canadian dollar to climb sharply hitting the highest levels this year, but today, investors considered yesterday’s movements precipitated, forcing the loonie down as commodities suffered a corrective movement.

USD/CAD traded at 1.0629 as of 18:48 GMT from a previous rate of 1.0525 hours ago.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.