The Canadian dollar pared all of its yesterday’s losses versus the U.S. and headed for another weekly increase versus the greenback and most of the main traded currencies as demand for the countries raw materials increased globally.

The loonie manage to gain versus the U.S. dollar today despite renewed appetite for assets in the U.S. after the Federal Reserve raised its discount rate, signaling that the economic strength in the country is allowing central bankers to lift stimulus. The crude oil was the main factor behind the loonie’s advance this week as it is once again near $80 a barrel.

USD/CAD traded at 1.0399 as of 19:48 GMT from a previous rate of 1.0519 hours earlier.

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