Gold, Oil Force Canadian Dollar Up
The Canadian dollar continued to trade high maintaining yesterday’s gains versus the U.S. dollar as gold reached a record high, raising attractiveness for Canadian commodities.
The loonie, as the Canadian dollar is often referred to, continued to trade near a four week high versus its U.S. counterpart as the oil, one of the main Canadian exports to the U.S. climbed beyond $80 a barrel, in a day that U.S. posted weak construction industry data.
USD/CAD traded at 1.0526 as of 17:28 GMT from yesterday’s rate of 1.0595.
If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
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