Canadian Dollar Extends Gains on Commodities

The Canadian dollar continued to erase last week’s losses versus lower yielding currencies as commodities and stocks rebounded in North America, boosting appeal for Canadian assets as the country’s economy is extremely orientated to raw material exports.

The loonie, as the Canadian dollar is known popularly, gained for another day, specially versus its U.S. counterpart and the yen as the crude oil, one of its main exports, advanced further, bringing confidence back among traders that renewed demand for Canada’s raw materials will allow the nation’s currency to touch higher levels in foreign-exchange markets.

USD/CAD traded at 1.0567 as of 01:00 GMT from a previous rate of 1.0632.

If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *