Canadian Dollar Keeps Uptrend on Growth

The Canadian dollar had an amazing eighth day of consecutive gains versus its southern counterpart as currencies tied to growth profited from another session of optimism in commodities and equities markets, allowing the loonie to remain bullish.

A crude oil rally is allowing the loonie to post a sharp winning streak versus the greenback, the longest in 5 years, which set the Canadian dollar to the highest level in almost two months versus its U.S. counterpart, as the barrel traded beyond $80 this Tuesday in New York. The Canadian dollar is once again profiting from a higher attractiveness after a negative start of the year when the U.S. dollar gained versus most of the currencies around the world, as financial markets suffered another turbulence, now, as the crude gathers momentum, the loonie is following its stream.

The Canadian dollar is once again enjoying a comfortable position versus its rivals in foreign-exchange markets, and, as speculations that interest rate hikes surge in Canada, the loonie may gain even further and flirt with parity versus the greenback.

USD/CAD traded at 1.0266 from yesterday’s rate of 1.0284.

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