BS: Canada’s Dollar Strengthens as Crude Oil, Global Equities Rise
July 22 (Bloomberg) -- Canada’s currency strengthened versus its U.S. counterpart, rising along with other growth- linked currencies including the dollars of Australia and New Zealand, on gains in crude oil futures and global stocks.
The Canadian dollar, nicknamed the loonie, has appreciated against 9 of its 16 major counterparts this month, climbing the most versus the Taiwanese dollar. The Bank of Canada publishes its monetary policy report at 10:30 a.m. New York time.
“Better equities and commodities along with the MPR in Canada could see a strong move in the Canadian dollar,” Michael Leavitt, a Montreal-based institutional-derivatives broker at MF Global Canada Co., said by e-mail. “We’re on the precipice of a bigger move within a couple of days at most after narrowing the recent trading range.”
The Canadian dollar gained 0.8 percent to C$1.0410 per U.S. dollar at 8:06 a.m. in Toronto, from C$1.0491 yesterday. One Canadian dollar buys 96.06 U.S. cents. The currency has climbed 2.2 percent in July.
--Editor: Greg Storey
To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
