Today the Canadian dollar was near 2 months high as its chief export, the crude oil, rallied as demand for energy increases. This has favored currencies having a similar profile in foreign-exchange markets as the Australian dollar, which is a main commodity supplier for China.
Higher Crude Oil trading supports Loonie
The Canadian dollar which is also referred to as loonie, had the fourth day of advances in this week as the crude oil returned to trade high in commodity markets having future contracts closed near $ 83 a barrel.
This has given support to the Canadian dollar to rally specially against its U.S. counterpart as during most of today’s session in North America frustrating employment data reduced the attractiveness for the greenback.
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Early Friday in New York the dollar rose to its highest rate in almost two weeks against the yen after that the Bank of Japan renewed its pledge to fight deflation.
Major Currencies
Early Friday in New York, according to EBS via CQG the euro was at $1.4329 from $1.4352 late Thursday. The dollar was recorded at Y90.41 from Y90.00, while the euro moved from Y129.14 to Y129.57.
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