Crude Oil Prices Help Loonie Yet Again

The Canadian dollar gained against the US dollar and the Japanese yen, though it was unable to beat the euro. Analysts say that crude oil prices helped the currency yet again.
Experts said that crude oil is responsible for the fairly decent performance of the loonie today. It is true that crude did not rise too much today (and the Brent grade actually dipped). Yet the commodity had demonstrated the biggest rally in two months month before that and remained at elevated levels.
The retreat of the US dollar was also helping the Canadian currency. Meanwhile, positive economic data from the eurozone made the euro too strong for the Canadian dollar to beat it.
USD/CAD dropped from 1.3195 to 1.3162 as of 22:46 GMT today. CAD/JPY ticked up from 91.76 to 91.88 after falling to the daily low of 91.15 earlier. Meanwhile, EUR/CAD rallied from 1.4417 to 1.4460, bouncing from 1.4381 — the lowest rate since August 19.

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