BLBG:Canada Dollar Trades at Almost Month-High as Crude Oil Advances
The Canadian dollar rose for a third day to almost its highest level in a month as crude oil, the nation’s largest export, remained above $100 per barrel for the 18th day.
The currency rose against the majority of its most-traded peers as the Standard & Poor’s GSCI Index of 24 commodities snapped three days of losses. Canada will report the economy grew 0.3 percent in May from 0.1 percent the month before on July 31, according to a Bloomberg survey of 18 economists.
“Oil has been very, very bid, it’s been on an uptrend and has basically been correcting, so I think that’s been a positive support for the Canadian dollar,” said Sebastien Galy, a senior foreign-exchange strategist at Societe General SA, by phone from New York.
The loonie, as the Canadian dollar is known, gained 0.1 percent to C$1.0272 per U.S. dollar at 8:01 a.m. in Toronto. On July 25 the currency touched C$1.0255, the strongest since June 19. One loonie buys 97.34 U.S. cents.
To contact the reporter on this story: Ari Altstedter in Toronto at aaltstedter@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
