Today was the second day of gains against the U.S. currency for the Canadian dollar, as the rebound of the stocks and the rising prices for crude oil increased the attractiveness of the
The Standard & Poorâs/TSX Composite Index, Canadaâs main gauge, went up 0.9 percent, while the Dow Jones Industrial Average rose by 1.4 percent. Futures on crude oil, the biggest nation’s export, gained 2.2 percent to $73.55 per barrel on the New York Mercantile Exchange. The news proved favorable to the economic growth outlook, boosting the currencies, tied to the growth, including the loonie.
The correlation of the Canadian currency to the price of crude oil is 74 percent, and 89 percent to the Dow. A correlation of 100 percent would indicate the moves in lockstep.
USD/CAD traded near 1.0492 as of 18:50 GMT today after it opened at 1.0542. EUR/CAD traded near 1.3267 down from the opening level of 1.3309.
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