RTTN: Canadian Dollar Jumps To Near 3-week High Against Euro
(RTTNews) - In early deals on Tuesday, the Canadian dollar climbed to near a 3-week high against the euro as oil prices rose above $60 a barrel today amid a stock market rally. The Canadian dollar also strengthened to new multi-day highs against the greenback and the yen.
U.S. crude for August delivery rose 52 cents to $60.21 a barrel at 2:56 am ET. The contract finished down 20 cents at $59.69 on Monday, after briefly touching its lowest level in almost two months.
London Brent crude rose 54 cents to $61.23.
The Canadian dollar has been showing strength after the Bank of Canada's quarterly survey report showed yesterday that the nation's businesses were the most optimistic in almost a decade on sales prospects.
Sixty-one percent of executives said sales growth will quicken over the next year, while another 23 percent expect it to slow, the biggest gap since the fourth quarter of 1999, according to the Ottawa-based bank's Business Outlook Survey.
The previous two surveys showed the most pessimistic responses to that question since the bank started asking it in 1998.
