Canada’s Dollar Losing Streak Ends on Oil Rebound

The Canadian currency, which lost more than 3 percent versus its U.S. counterpart during the last week, rebounded today as oil rates climbed in New York trading markets.
U.S. stocks climbed today after a rather negative session yesterday, providing support for Canada’s main export, the crude oil, to climb, influencing the loonie’s performance and ending more than a week of losses versus the greenback. The Canadian dollar is one of the most influenced currencies by stocks and commodities, experiencing an extreme volatility this month due to markets uncertainties regarding the global economic recovery.
USD/CAD traded at 1.0966 as of 18:38 GMT from a previous rate of 1.1103 twelve hours ago.

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