The Canadian dollar – AKA the “loonie” – came close to a 20-month high earlier today, on its quest to reach parity with its US counterpart. At 7:51 a.m. in New York, the loonie was valued at C$1.0090 to the U.S. dollar, or 99.11 U.S. cents. On Wednesday, it closed at C$1.0103 to the U.S. dollar, or 98.98 U.S. cents, its thirteenth close higher in the last 14 sessions.
“If we see a further improvement in sentiment as reflected by the equity markets, one can expect a retest of yesterday’s lows in dollar/Canada, but we’re entering the day with clearly sentiment taking a breather, waiting for direction”, noted Matthew Strauss, senior currency strategist at RBC Capital Markets.
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