Oil Rebound Pushes Canadian Dollar Up

The Canadian currency, which was losing earlier versus the U.S. dollar on pessimism before the G-7 meeting, managed to revert a losing trend as the crude oil rates surged beyond $70 a barrel, raising attractiveness for the loonie.
The loonie has managed to end another week gaining versus its U.S. counterpart, since it erased early losses today backed by a rally in the crude oil rates, which are one of the main raw materials produced in Canada with a final destination the U.S. The Canadian dollar ranked among the top 3 best performing currencies among the 16 majors together with the South Korean won.
USD/CAD traded at 1.0806 as of 17:54 GMT after touching 1.0959 hours earlier.

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