The Canadian dollar traded today at the highest level in two months against its US counterpart as crude oil, Canada’s key export, hit the highest level in eight weeks and the global stocks rallied, increasing the appeal of the currencies tied to the economic growth. The euro managed to outperform the Canadian currency.
November delivery for crude oil gained as much as 1.8 percent to $82.93 per barrel on NYMEX, the highest level since August 4th. The MSCI World Index advanced 1.9 percent, reaching the highest level since May 4th. The rally of other commodities, especially gold, also helped the
Canada receives near half of the export revenue from the commodities including copper, lumber, oil and wheat. The strong commodity market allowed the Canadian currency to advance 4.5 percent today, following the decline to the lowest level in six weeks on August 31st.
USD/CAD dropped to 1.0166 from 1.0233 as of 19:03 GMT today after it rose to the intraday high of 1.0272. EUR/CAD went up from 1.4006 to 1.4077, following the slump to the intraday low of 1.3964..
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