Canadian Dollar Pushes Higher, Tracing Rally of Crude Oil

The Canadian dollar was strong today, rising against its US counterpart and erasing losses versus the euro. The rally of crude oil undoubtedly contributed to the currency’s strength.
Crude oil rallied more than 3 percent today after Chinese markets reopened after the week-long holiday, and the nation’s stocks climbed, following other global shares. The Canadian currency profited from the news as it often follows moves of oil prices. Now, traders wait for tomorrow’s employment report from Canada, anticipating solid figures.
USD/CAD was down from 1.3055 to 1.3015 as of 21:17 GMT today. EUR/CAD was at 1.4674 after opening at 1.4672 and rising to the high of 1.4759 intraday.

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