BLBG: Canadian Dollar Strengthens for Fourth Day as Equities Advance
Canada’s dollar rose for a fourth day, touching the highest level in almost four months, as equities extended gains after rallying in April.
“The Canadian dollar is one of the most highly correlated currencies with equities,” said Christian Lawrence, a currency strategist in London at RBC Capital Markets, a unit of Canada’s largest bank. “Taking a view on the Canadian dollar is taking a view on equities.”
The Canadian currency climbed 0.5 percent to C$1.1863 per U.S. dollar at 8 a.m. in Toronto, from C$1.1925 yesterday. It touched C$1.1832, the strongest level since Jan. 9. One Canadian dollar buys 84.28 U.S. cents.
Futures on the Standard & Poor’s 500 Index expiring in June increased 0.5 percent to 874.20. The index surged 9.4 percent last month, the most in nine years. The MSCI World Index, a gauge of equities in 23 developed nations, added 0.2 percent.
