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.
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