Canadian Dollar Advances on Improved Appetite for Risk

The Canadian dollar moved higher against Great Britain’s pound on Monday as traders’ desire to take risks increased due to a stronger US dollar, which supported the Canadian currency.

An announcement made by FBI Director James Comey to Congress earlier today declared the closure of the agency’s investigation into private emails related to US Democratic candidate Hillary Clinton when she was secretary of state. The end of the investigation came after no evidence that would support criminal charges against Clinton was found.

Following the announcement, the US dollar rose to its highest level since November 1, which also helped the Canadian dollar to gain against the British pound as traders’ confidence and willingness to risk increased.

The Canadian currency has also been bolstered by a climb in oil prices earlier today after a statement from Mohammed Barkindo, the Secretary General of the Organization of Petroleum Exporting Countries, reiterated the organization’s will to continue working on reducing its crude production.

Both the US and the Canadian dollars will be controlled by the US presidential election tomorrow. Latest polls show that the race between Clinton and Donald Trump will be a tight one. However, the end result could be a win for Clinton since she still has the upper hand in every poll.

GBP/CAD started trading on Monday at 1.6623 before dropping to 1.6556 by 21:45 GMT, the pair’s lowest level since November 3. GBP/CAD then rose again to touch 1.6575 at 23:12 GMT.

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