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Canadian Dollar Rallies Fueled by Oil Performance

5:11 AM

The Canadian dollar managed to climb versus most of the 16 main traded currencies as its main export, the crude oil, advanced today after posting its sharpest fall this year in the beginning of this week’s session.

The loonie, as its widely known in currency markets, rose today versus the majority of currencies as a report in the nation showed that leading economic indicators rose significantly in the country last month, beating estimates by more than double, and consequently adding attractiveness for the Canadian dollar. One of the few currencies that did not allow the loonie to rally was its U.S. counterpart, as the greenback outlook remains strongly positive considering eventual sooner-than-expected interest rate hikes by the Federal Reserve as reports have been showing a significant resilience in the country’s economy.

A combination of positive economic indicators and a rising crude oil after a sharp fall provided the perfect pattern for the loonie to gain versus 13 of the 16 main traded currencies today, as analysts confirm. The loonie is likely to climb against several other currencies as the U.S. economy is recovering steadily.

CAD/JPY rose to 84.65 as of 14:27 GMT from an intraday rate of 83.67. AUD/CAD dropped sharply from 0.9704 to a current rate of 0.9609.

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