The Canadian dollar has resumed its rally to parity with its U.S. counterpart, which was temporally halted on April 2nd, as the global economic rebound is spurring commodities (like the nation’ main export — the crude oil), stocks and some currencies, which are tied to growth.
The Canada’s currency, which is commonly referred to as the loonie, was helped with its race to parity with the greenback by the crude oil, which was rising for four days before today, mirroring the loonie’s rally. The crude oil, the primary Canadian export, declined today. This fact hasn’t influenced the currency by now, but whether it will play its role in the future we should yet to see.
USD/CAD traded at 1.0052 as of 9:17 GMT down from the opening level of 1.0083. EUR/CAD traded near 1.3555 after it opened at 1.3602.
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