BLBG; Canada’s Dollar Touches Strongest Since October as Crude Rises
Canada’s dollar touched the strongest level in almost eight months as crude oil and global stocks gained on optimism that economic growth will revive.
“It’s the Canadian dollar in conjunction with other cyclical, risk-side currencies” that are strengthening, said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto. “The Canadian dollar is also performing better because of better prices in correlated commodities, in particular crude.”
The Canadian currency appreciated 0.5 percent to C$1.1108 against the U.S. dollar, the strongest level since Oct. 8, before trading little changed at C$1.1174 at 8:18 a.m. in Toronto, from C$1.1164 yesterday. One Canadian dollar buys 89.50 U.S. cents.
Crude oil for July delivery rose for a third day in New York, gaining 0.4 percent to $62.71 a barrel. The MSCI World Index of stocks in 23 developed countries rose for a fourth day, edging up 0.1 percent, and Europe’s Dow Jones Stoxx 600 Index advanced 0.4 percent.
