Optimism and risk appetite ignite speculations that the Canadian dollar will soon trade in parity with its U.S. counterpart, as demand for Canadian exports are rising worldwide, as well as stocks in Toronto.
The Canadian dollar is once again trading near parity with its U.S. counterpart as the greenback suffers from a decreased attractiveness, while Canadian stocks rise, benefiting from rising crude oil prices, that is trading in the highest rate for 2009 this week, providing support for the loonie to gain before a Bank of Canada meeting tomorrow.
USD/CAD traded at 1.0286 as of 11:56 GMT from a previous rate of 1.0417 when markets opened yesterday.
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