Canadian Dollar Closing in on 3-Year High

The Canadian dollar – AKA the “loonie” – traded at 97.23 cents per U.S. dollar at 7:57 a.m. in Toronto, compared with 97.32 cents on March 11. The loonie touched 96.69 cents on March 9, the strongest level since November 2007.

“The Canadian dollar is still benefiting from the strong fundamentals in Canada,” said Lee Hardman, a currency strategist at Bank of Tokyo-Mitsubishi UFJ Ltd. in London. “They have strong growth and a sound fiscal position. Even in times where there’s more heightened risk aversion, the Canadian dollar tends to outperform.”

Source: Bloomberg

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