BLBG:Canadian Dollar Gains as Crude Oil Snaps Three Days of Declines
The Canadian Dollar gained against its U.S. counterpart as stock futures rallied and oil, the nation’s biggest export, gained.
West Texas Intermediate oil rebounded after its biggest weekly drop in six months, snapping three days of losses. The currency fell last week versus the greenback after Canada reported 54,500 fewer jobs in March, the biggest monthly employment decline since the country was in recession in 2009.
“I would attribute some of the offer interest in USD-CAD this morning to the improvements currently being seen in petroleum, commodities and equities,” said Jack Spitz, managing director of foreign exchange in Toronto at National Bank.
The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, gained 0.1 percent to C$1.0172 per U.S. dollar at 8:19 a.m. in Toronto. One loonie buys 98.31 U.S. cents.
To contact the reporter on this story: John Detrixhe in New York at jdetrixhe1@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
