Oil Prices Push Canadian Dollar Higher

The Canadian dollar advanced 0.5 percent to reach parity with its US counterpart. Seven straight days of crude oil price gains helped propel the Canadian dollar back to parity as Canada is one of the world’s leading exporters of oil.

“Broader movements related to risk appetite are responsible for Canadian dollar strength,” Stephen Gallo, head of market analysis at Schneider Foreign Exchange in London. “The desire is to move into risk, but there is caution about those positions getting stretched too far.”

Source: Bloomberg

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