Canadian Dollar Rebounds on Oil

After two days of losses versus its U.S. counterpart as risk aversion climbed in trading markets worldwide, the Canadian dollar rebounded as stocks as the crude oil reverted their losing trends and gained today.
The Canadian dollar was losing sequentially versus the U.S. dollar and the euro after Bank of Canada officials stated that the current loonie rally could affect negatively the country’s growth as Canadian products become less competitive, but today a new wave of risk appetite forced stocks and the crude oil up, providing support for the loonie to rebound.
USD/CAD traded at 1.0873 as of 21:57 GMT from 1.0986 in the intraday comparison.

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