BLBG:Canadian Dollar Touches Three-Month High On Risk-Rally Extension
Canada’s dollar appreciated to the highest since May against its U.S. counterpart as speculation that a rally in higher-risk assets will continue boosted crude oil, the nation’s largest export.
The currency is extending a fifth straight weekly advance, the longest string of the gains since October 2010. It climbed to a record against the euro and rose against a majority of its most-traded peers.
“The overall tone in the market has been quite good,” Blake Jespersen, managing director of foreign exchange in Toronto at Bank of Montreal (BMO), said in a telephone interview. “The Canadian dollar, being a commodity currency, has benefitted from that.”
Canada’s currency, nicknamed the loonie, touched 99.05 cents per U.S. dollar before trading little changed at 99.13 cents at 7:53 a.m. in Toronto. One Canadian dollar buys $1.0088. It touched a record high C$1.2162 versus the euro.
Jespersen predicted the loonie may appreciate to as high as 98 cents versus the greenback “over the next month, if not sooner.”
To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
