Canadian Dollar Gains on Oil Rebound

The Canadian dollar – known as the “loonie” – advanced to its highest level in more than two weeks against the US dollar. The gains were spurred by a rebound in oil prices for which Canada is a major exporter.

Investor risk appetite is also on the rise again as investors shun the US dollar in favor of higher-yielding – but potentially riskier – investments. According to a recent survey of analysts, the loonie, which traded at C$1.043 this morning, could advance to C$1.03 by the end of the first quarter of 2010.

Bloomberg News

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