The Canadian dollar climbed as crude oil, the major Canada’s export, advanced above the psychologically important $100 level, improving prospects for the Canadian economy and increasing the appeal of the nation’s assets. The currency weakened against the Japanese yen though.
Crude traded at $101.11 per barrel in New York today. Oil rallied as unrest in Egypt threatened supply and after a report showed that US stockpiles shrank.
It is Independence Day in the United States today, therefore many markets will be closed and volumes will be thin. Trading will return to a normal state on Friday, when important US non-farm payrolls will be released. Canadian employment data will be released on the same day as well.
USD/CAD fell from 1.0540 to 1.0501 yesterday and traded at 1.0512 as of 2:38 GMT today. EUR/CAD declined from 1.3682 to 1.3660 on the previous trading session and stayed near this level on today’s session. CAD/JPY ticked down from 95.06 to 94.88 today.
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