The Canadian dollar, one of the most dependent currency to stocks and commodities, climbed significantly today as optimism pushed the crude oil and gold rates up, suggesting that the global economy will improve demand for Canadian exports.
The loonie, as the Canadian dollar is often referred, witnessed a significant rally today being the sharpest climb in September provoked by optimism that increased risk appetite among traders as commodities rose and the International Monetary Fund cut its forecast for global economic declines, adding to the already positive sentiment in trading markets today.
USD/CAD traded at 1.0675 as of 21:56 GMT from a previous rate of 1.0855 yesterday.
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