CanadaÃ¢â‚¬â„¢s Dollar Gains Most in Four Weeks on IMF Outlook, Oil

September 30, 2009 Share Print 0

The Canadian currency, nicknamed the loonie for the aquatic bird on the C$1 coin, strengthened as much as 1.6 percent to C$1.0672 per U.S. dollar, the biggest intraday advance since Sept. 4, before trading at C$1.0699 at 3:05 p.m. in Toronto. It closed yesterday at C$1.0846. One Canadian dollar purchases 93.47 U.S. cents.

The loonie was headed for a 2.3 percent advance this month after a 1.5 percent loss in August. It gained 8.9 percent in the third quarter and was 14 percent higher for the year.

Bloomberg

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.