Warren Buffett“A public opinion poll is no substitute for thought.”
Adlin Sinclair“Success is a welcomed gift for the uninhibited mind.”
Canadian Dollar Rallies Fueled by Oil Performance
TheCanadian dollar managed toclimb versus most ofthe16 main traded currencies asits main export, thecrude oil, advanced today after posting its sharpest fall this year inthebeginning ofthis week’s session.
Theloonie, asits widely known incurrency markets, rose today versus themajority ofcurrencies asareport inthenation showed that leading economic indicators rose significantly inthecountry last month, beating estimates bymore than double, andconsequently adding attractiveness fortheCanadian dollar. One ofthefew currencies that did not allow theloonie torally was its U.S. counterpart, asthegreenback outlook remains strongly positive considering eventual
asreports have been showing asignificant resilience inthecountry’s economy.
Acombination ofpositive economic indicators andarising crude oil after asharp fall provided theperfect pattern fortheloonie togain versus 13 ofthe16 main traded currencies today, asanalysts confirm. Theloonie is likely toclimb against several other currencies astheU.S. economy is recovering steadily.
CAD/JPY rose to84.65 asof14:27 GMT from anintraday rate of83.67. AUD/CAD dropped sharply from 0.9704 toacurrent rate of0.9609.
If you want tocomment ontheCanadian dollar’s recent action orhave any questions regarding this currency, please, feel free toreply below.
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