The Canadian dollar rose today against its U.S. counterpart and some other currencies as the growth of the global stocks and the advance of the commodities increased the attractiveness of the
The loonie, as the Canadian currency is commonly nicknamed because of the image of the waterfowl on the C$1 coin, as the currency, tied to growth, has tendency to rise and fall with the equities and the commodity prices. Therefore, today’s rebound on the global markets was positive for the currency. September futures for copper rose as much as 1.9 percent. The MSCI World Index went up 1.7 percent.
USD/CAD traded at about 1.0541 as of 22:41 GMT today after it opened at 1.0629. EUR/CAD dropped to 1.3302 from its opening level of 1.3326.
The Canadian currency has weakened previously on the concern about the possibility of the
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