The Canadian dollar extended its yesterday’s gains today as optimism rose worldwide regarding the so much waited economic recovery, pushing commodities that influence loonie’s rates up.
Federal Reserve Chairman Ben Bernanke affirmed today that the global slump may be close to its end, creating a bullish pattern in equities and commodities markets today, attracting investors to riskier assets and damping demand for the greenback and the yen. Being the loonie of the most influenced currencies by stocks, it touched a 2-week high on today’s risk appetite wave.
USD/CAD ended this week at 1.0813 from 1.0874 in the intraday comparison.
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