Crude Oil Sets Canadian Dollar to Record High
The Canadian dollar touched the highest rate in 2 weeks after risk appetite returned to commodities and equities markets, forcing the main Canadian export, the crude oil, up, and consequently affecting positively the rates for the loonie mainly versus its U.S. counterpart that lost versus most of the majors today.
A session of high risk appetite today provided support for the Canadian currency to outperform several other currencies and touch the highest rate in 15 days versus the greenback, as Chinese manufacturing had the sharpest increase in 5 years during the past month, according to a report published today. The crude oil rose to as high as $78.90 providing support for the already bullish pattern in the Canadian currency charts. Only this year, the commodity rose 76 percent, being a main responsible for the loonie’s rally, as the Canada is a
The return of risk in trading markets is being extremely favorable for Canada, witnessing a rebound for the loonie’s rates as the U.S. dollar entered again a losing pattern that has set it to record lows versus several
USD/CAD traded at 1.0424 as of 17:11 GMT from a previous rate of 1.0550 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 Advances on GDP Figures (2009-11-30)
- Dubai Debt Makes Another Victim: Canadian Dollar (2009-11-27)
- Canadian Dollar Rises on Russian Bets (2009-11-26)
- Canadian Currency Tumbles on Risk Aversion (2009-11-24)
- Canadian Dollar Rebounds on Gold, Oil (2009-11-23)
