Canadian Dollar Gains on Commodity Increase

The Canadian dollar gained 0.4 percent to 99.72 cents per US dollar in early morning trading in New York. An uptick in commodity prices yesterday helped push the Canadian dollar higher despite comments from Canada’s Finance Minister suggesting that unemployment remains a “challenge”.

“We’re seeing weakness in the U.S. dollar, so strength for all currencies, including Canada,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto. “The lag continues to be from the spill-off effects of Mr. Flaherty’s comments yesterday with respect to caution for the upcoming jobs data.”

Source: Bloomberg

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