Canadian Dollar Sees Small Gains

Canadian dollar is seeing small gains today as oil prices rise a little, and as a bit of optimism returns to the markets. There are hopes that Greece will remain in the eurozone, as well as some expectation of a eurozone solution to the sovereign debt problem. All of this is providing a boost for the loonie.

Canadian dollar is seeing small gains today, improving as oil prices get a bit of a boost today. Oil prices are slightly higher on the news that polls indicate that Greeks might put in pro-bailout politicians in after the new elections next month. Also helping oil prices is the continued uncertainty over what happens next with Iran and its nuclear program. Oil is helping the loonie against the greenback.
With oil prices inching higher, the Canadian dollar is finding some support. Oil is a major export for Canada, and as oil prices rise, the loonie finds a measure of support. However, the Canadian dollar is also receiving help from improvements in the global economy, and in a more optimistic outlook. Some of the trading is hampered, though, by the Memorial Day holiday in the United States.
At 15:23 GMT USD/CAD is down to 1.0250 from the open at 1.0266. GBP/CAD is lower at 1.6084, down from the open at 1.611. EUR/CAD is down to 1.2846 from the open at 1.2890.

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