Rising Global Stocks Push Loonie Up

The Canadian dollar extended its advance against the U.S. currency today for the fourth straight day as the rising global equities increased the appeal of the currencies tied to the economic growth.
The Standard & Poor’s 500 Index rose by 1.4 percent today and the S&P/TSX Composite Index increased 1.6 percent. The Canadian currency is supported by the expectation that the Bank of Canada will raise the interest rates as soon as June 1st, making Canada the first country among the Group of Seven Nations to raise its interest rates.
The experts remain bullish on the loonie as Canada looks like robust commodity-producing country with the strong recovering economy. According to the experts the Canadian dollar is heading toward $0.9931 price.
USD/CAD reached 1.0193 as of 21:38 GMT today, falling from its opening level of 1.0216. EUR/CAD dropped to about 1.2870 from its opening price of 1.2935.

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