BLBG: Canada’s Dollar Heads for Monthly Advance as Oil, Stocks Climb
May 29 (Bloomberg) -- Canada’s dollar headed for a third straight monthly gain as stocks rallied, oil surged and investors sought higher-yielding assets.
“We’re certainly seeing a very strong Canadian dollar,” said Camilla Sutton , a currency strategist at Scotia Capital Inc. in Toronto. “Part of what we’re seeing is a lot of money held in cash on the sidelines is being put back to work.”
The Canadian currency appreciated as much as 1.3 percent to C$1.0985 per U.S. dollar, the strongest level since Oct. 7, and traded at C$1.0990 at 8:35 a.m. in Toronto, from C$1.1133 yesterday. One Canadian dollar buys 90.89 U.S. cents.
The loonie, as Canada’s dollar is known, has strengthened 8.4 percent since April 30.
