Canadian Dollar Keeps Uptrend on Growth
The Canadian dollar had an amazing eighth day of consecutive gains versus its southern counterpart as currencies tied to growth profited from another session of optimism in commodities and equities markets, allowing the loonie to remain bullish.
A crude oil rally is allowing the loonie to post a sharp winning streak versus the greenback, the longest in 5 years, which set the Canadian dollar to the highest level in almost two months versus its U.S. counterpart, as the barrel traded beyond $80 this Tuesday in New York. The Canadian dollar is once again profiting from a higher attractiveness after a negative start of the year when the U.S. dollar gained versus most of the currencies around the world, as financial markets suffered another turbulence, now, as the crude gathers momentum, the loonie is following its stream.
The Canadian dollar is once again enjoying a comfortable position versus its rivals in
USD/CAD traded at 1.0266 from yesterday’s rate of 1.0284.
Earlier News About the Canadian Dollar:
- Canada's Dollar Gains on National Commodities (2010-03-09)
- Canadian Dollar Profits from Central Bank Comments (2010-03-03)
- Canada's Dollars Starts Week Bullish on GDP (2010-03-02)
- Canadian Dollar Benefits from Poor U.S. Data (2010-02-27)
- Risk Averse Scenario Moves Loonie Charts (2010-02-26)
