Canadian Dollar Supported by Strong Rally of Crude Oil

The Canadian dollar was little changed against its US counterpart and gained on other most-traded rivals thanks to the strong rally of crude oil — Canada’s most important export commodity.

Prices for crude jumped more than 2%, touching the highest level in three weeks intraday, on the outlook for shrinking global glut.

Meanwhile, Statistics Canada reported that wholesale sales rose 0.1% in January, matching forecasts exactly. The sales were down 0.2% in the previous month.

USD/CAD was little changed at 1.3084 as of 19:41 GMT today. At the same time, EUR/CAD dropped from 1.6135 to 1.6028.

If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

7 + one =