The Canadian dollar expanded today, reaching a new 3-year maximum level versus the US currency, as the President of the United States warned of a serious “economic crisis”.

The loonie (as the CAD is nicknamed) reached its new record level against the US dollar today — the highest since November 2007. While there aren’t many supporting news for the Canadian dollar (except for persistently high levels of oil price), the loonie wins as an alternative to the greenback, which suffers from the debt ceiling crisis in the United States.

Sentiment for the US currency weakened after US President Barack Obama warned that a heavy economic crisis is threatening the world’s largest economy (and, consecutively, the global economy too) if no compromise is reached before August 2.

USD/CAD fell from 0.9474 to 0.9424 as of 12:47 GMT today, setting its new yearly record low at 0.9406. CAD/JPY rose from 82.56 to 82.77, while EUR/CAD went up from 1.3620 to 1.3646 today.

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