Forex News

After posting the worst week in almost two months, the Canadian currency rebounded sharply today paring most of its previous days losses, as commodities exported from Canada had an increased demand today, attracting investors to purchase assets in the country.

The Canadian currency is highly influenced by stocks and commodities prices due to its high-yielding commodity exporter economic profile, and today, as the gold rose vertically and the crude oil rebounded after several negative sessions, helping the loonie to revert a losing trend posting the highest gains in 2 weeks.

USD/CAD traded at 1.0553 as of 16:37 GMT from a previous rate of 1.0697 yesterday.

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.

Earlier News About the Canadian Dollar:

• Canadian Dollar to Tumble Further? (2009-11-20)
• Canadian Dollar Deepens Losing Streak (2009-11-19)
• Gold, Oil Force Canadian Dollar Up (2009-11-18)
• Bullish Week Start for Canadian Dollar on Stocks (2009-11-16)
• Canadian Dollar Bullish Versus U.S. Counterpart (2009-11-14)

This entry was posted on Monday, November 23rd, 2009 at 6:41 pm and is filed under Canadian Dollar. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.