BLBG:Canadian Dollar Reaches Almost 10-Week High Before U.S. Data
Canada’s dollar rose to almost a 10- week high against its U.S. counterpart as stocks and crude oil gained amid demand for riskier assets.
The Canadian currency was headed for a 0.5 percent increase for the week against the greenback before the U.S. releases second quarter gross domestic product data.
“The better risk tone has continued,” Blake Jespersen, managing director of foreign exchange in Toronto at Bank of Montreal, said in a telephone interview. “Positive growth for the U.S. is good for Canada, so we would expect a surprise to the high side to benefit the Canadian dollar.”
Canada’s currency, nicknamed the loonie, gained 0.2 percent to C$1.0080 cents per U.S. dollar at 8:01 a.m. in Toronto. One Canadian dollar buys 99.19 cents.
To contact the reporter on this story: Lindsey Rupp in New York at Lrupp2@bloomberg.net
To contact the editor responsible for this story: Robert Burgess at bburgess@bloomberg.net
