Canadian Dollar Rises with Oil Prices

An increase in commodity prices including oil has helped push the Canadian dollar to four straight days of gains against its US counterpart. Today’s announcement that China will hold the line on interest rates and remains committed to “stable” growth has investors increasing their risk outlook.

“With China not raising rates this weekend, people could be breathing a bit of a sigh of relief and putting some risk back on,” Brian Kim, a currency strategist at UBS AG in Stamford, Connecticut, wrote via e-mail. “If the U.S. session carries over the momentum from Europe, we could see the Canadian dollar push higher.”

Source: Bloomberg

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