Canadian Dollar Advances on Commodities Rebound
The Canadian dollar started February gaining after posting several consecutive losses in the last days of January as risk aversion dominated markets globally, but renewed confidence on the economic recovery allowed markets that influence Canada’s currency to gain considerably this Monday.
Canada’s raw materials export are fundamental for the nation’s economic development, and today’s increase in the crude oil rates, as well as bullish patterns on stock charts, benefited the loonie with the first day of gains after it reached 2010 record low last Friday, as risk aversion and bank loans restrictions globally shunned investors from assets in Canada.
USD/CAD traded at 1.0612 as of 23:43 GMT from 1.0703 when markets opened yesterday night.
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 Falls Despite Positive GDP (2010-01-29)
- Canadian Dollar Remains Bearish on Stocks Performance (2010-01-27)
- Canadian Dollar Reaches 2010 Record Low on Risk Aversion (2010-01-27)
- Stocks Push Loonie Further Down (2010-01-25)
- Canadian Dollar Falls Further on Retail Sales (2010-01-22)