Canada’s Dollar Gains as Prices of Commodity Exports Advance

(Bloomberg)

The Canadian dollar rose the most in more than a week against its U.S. counterpart as prices of the nation's commodity exports rose, bolstering the currency's appeal.

Canada’s dollar strengthened against 15 of the 16 most- traded currencies as crude oil climbed to a record after the Organization of Petroleum Exporting Countries gave no indication it will increase production. Gold prices also reached a record, and wheat advanced. Commodities account for about half of Canada’s exports.

“The strengthening prices of oil and gold are helping the Canadian dollar,” said David Bradley, a director of foreign exchange trading at Scotia Capital Inc. in Toronto. Click here for the complete article.