SF: Canada's Dollar Rises for Second Day as Crude Oil Ends Decrease
May 18 (Bloomberg) -- Canada's dollar rose versus its U.S. counterpart as crude oil, the nation's largest export, increased for the first time in six days and U.S. stock-index futures advanced, burnishing the appeal of currencies tied to growth.
The Canadian currency appreciated for a second day, advancing 0.6 percent to C$1.0264 per U.S. dollar at 8:06 a.m. in Toronto, compared with C$1.0325 yesterday. One Canadian dollar buys 97.43 U.S. cents.
Crude for June delivery jumped 3 percent to $72.21 a barrel on the New York Mercantile Exchange after slipping yesterday below $70 a barrel to a five-month low. Futures on the Standard & Poor's 500 Index climbed 0.7 percent.
The loonie, as Canada's currency is sometimes known for the image of the aquatic bird on the C$1 coin, tends to rise and fall with commodities and equities as a proxy for risk appetite.
