BLBG: Canadian Dollar Climbs for Fourth Day as Equity Gain Buoys Demand for Risk
Canada’s dollar climbed for a fourth straight day in the longest winning streak in a month as a gain in equities spurred demand for higher-yielding assets.
The loonie, as the Canadian currency in known for the image of the aquatic bird on the C$1 coin, gained against most of its major counterparts as better-than-estimated earnings boosted European stocks.
“The market’s found some stability, especially with the equity markets,” said Steve Butler, managing director of foreign-exchange trading at Bank of Nova Scotia in Toronto. “The last three sessions we’ve steadily recovered.”
The loonie appreciated 0.3 percent to 95.40 cents versus the greenback at 8:10 a.m. in Toronto, from 95.68 cents yesterday. One Canadian dollar buys $1.0482. The currency touched 94.46 cents on April 29, the strongest level since November 2007.
The Stoxx Europe 600 Index gained 0.7 percent, and Standard & Poor’s 500 Index futures expiring in June were little changed. Futures on crude oil, Canada’s biggest export, dropped 1 percent to $102.81 a barrel.
To contact the reporter for 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
