BLBG: Canadian Dollar Strengthens, Trades Near Highest Since October
Canada’s dollar strengthened as crude oil touched a six-month high, enhancing the appeal of commodity- linked currencies amid stronger appetite for higher-yielding assets.
“It’s higher crude and generally a rebound in appetite for risk,” said Adam Cole, head of global currency strategy in London at RBC Capital Markets.
The Canadian currency added 0.2 percent to C$1.1212 per U.S. dollar at 8:17 a.m. in Toronto, from C$1.1231 yesterday. One Canadian dollar buys 89.19 U.S. cents. Canada’s dollar, known as the loonie, touched C$1.1099 yesterday, the strongest since Oct. 8.
Crude for July delivery was little changed after rising as much as 0.8 percent to $63.93 a barrel on the New York Mercantile Exchange, the highest since Nov. 10.
