BLBG: Canadian Dollar Gains as Commodities Including Oil Increase
By Michael J. Moore
Oct. 29 (Bloomberg) -- The Canadian dollar gained for a second day, its longest winning streak in more than a month, as its U.S. counterpart weakened versus most of the world's major currencies and commodities including oil increased.
``The sight of oil prices rebounding a bit is giving the Canadian dollar a little bit of attraction,'' said Shaun Osborne, chief currency strategist at TD Securities Inc. in Toronto. ``The U.S. dollar is also looking a little bit weaker overall, and we expect to see some volatility here over the next day or two.''
The Canadian dollar increased as much as 1.5 percent to C$1.2543 per U.S. dollar, from C$1.2732 yesterday. The currency traded at C$1.2616 at 8:33 a.m. in Toronto. One Canadian dollar buys 79.27 U.S. cents.
Crude oil for December delivery gained as much as $4.02, or 6.4 percent, to $66.75 a barrel. Crude oil accounts for 21 percent of the weighting in the Bank of Canada Commodity Price Index, the largest component.
To contact the reporter on this story: Michael J. Moore in New York at Mmoore55@bloomberg.net.
