BS: Canadian Dollar Reaches Almost 10-Week High as U.S. Growth Slows
Canada’s dollar rose to almost a 10- week high against its U.S. counterpart as stocks and crude oil gained amid demand for riskier assets.
The Canadian currency remained higher after a report showed the U.S. economy expanded at a slower pace in the second quarter.
“Canadian dollar is holding onto modest gains,” Dean Popplewell, head analyst in Toronto at the online currency- trading firm Oanda Corp. said in a telephone interview. “Now it’s all going to be whether we see action from the central banks. The market has been pricing in some sort of action from the European Central Bank and from the Federal Reserve over the last 24 hours or so, but this morning we’ll probably see more risk-averse position taking.”
Canada’s currency, nicknamed the loonie, gained 0.2 percent to C$1.0083 cents per U.S. dollar at 8:58 a.m. in Toronto. One Canadian dollar buys 99.18 cents.
Futures on the Standard & Poor’s 500 Index gained 0.5 percent, while futures on crude oil, Canada’s largest export, added 0.3 percent to $89.61 a barrel in New York.
To contact the reporter on this story: Lindsey Rupp in New York at Lrupp2@bloomberg.net
To contact the editor responsible for this story: Robert Burgess at bburgess@bloomberg.net
