Canadian Dollar Gains on US Counterpart

Buoyed by rising oil and gold prices, the Canadian dollar rose to C$1.0238 to the U.S. dollar, or 97.68 U.S. cents by 8:15 a.m. in New York compared to Friday’s close of C$1.0256 to the U.S. dollar, or 97.50 U.S. cents.

“The U.S. dollar is still very heavy so that’s probably the main thing that is helping the Canadian dollar,” said Shane Enright, executive director, foreign exchange sales at CIBC World Markets. “The market is concerned about more quantitative easing from the Fed going forward. That’s really what’s weighing on the U.S. dollar for the most part.”

Source: Reuters

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