Speculations suggesting that the world economic conditions will improve faster than previously imagined, helped stocks and commodities to rally today, consequently helping the Canadian dollar to grow versus its U.S. counterpart.
The Canadian dollar benefited today of a interest rate hike in Australia signaling that the world gradually returns to economic stabilization as the Australian central bank attitude was celebrated by an increase in risk appetite in trading markets worldwide, favoring the North American commodity exporter nation and currency.
USD/CAD traded at 1.0599 as of 20:20 GMT from a previous rate of 1.0725 as of yesterday.
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