Canadian Dollar Gains on Commodity Increases

The Canadian dollar gained 0.3 percent rising to 99.55 cents per US dollar at 8:24am in New York this morning. An increase in commodity prices helped reverse the Canadian dollar’s three-day losing streak.

“Investors are a little more comfortable with risk assets this morning, with commodity prices recovering and global equity markets generally firmer,” Shaun Osborne, chief foreign exchange strategist at TD Securities in Toronto, said in a note to clients. Investors are waiting “to see if the Fed acknowledges the improving growth backdrop.”

Source: Bloomberg

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