The Canadian dollar advanced as prices for crude oil, the major nation’s export, gained, adding to the appeal of Canadian assets. Traders felt confident enough today to buy the Canadian currency.
Futures on crude oil gained as much as 0.9 percent to $96.33 per barrel in New York yesterday. Prices for crude were rising as Hurricane Isaac heads to the Gulf of Mexico, forcing oil companies to halt their operations. The region contributes more than a quarter of the total US oil production.
The outlook for Canada’s economy and currency remain good. Analysts predicted that the report from Statistics Canada would show growth of the Canadian economy. The report will be released on August 31.
USD/CAD traded at 0.9882 as of 1:47 GMT today, following yesterday’s drop from 0.9906 to 0.9879. EUR/CAD was at about 1.2405 on today’s trading session, while it rose from 1.23785 to 1.2411 on the previous session. CAD/JPY went up from 79.46 to 79.50 today.
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