Canadian Dollar Bullish on Global Recovery

The Canadian dollar, together with other currencies from commodity producer countries, is profiting from positive estimates for 2010 global economic recovery, which if confirmed will raise demand for Canadian commodities, consequently pushing the loonie up.
The loonie fell in the past few hours after touching the highest rate in 2 months versus the its U.S. counterpart and a record high in 2009 versus the euro as optimism towards the global economy for 2010 remains strong in financial markets, favoring currencies attached to stocks and commodities rates.
EUR/CAD traded at 1.4977 as of 01:48 GMT from a previous rate of 1.5025.

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