The Canadian dollar – nicknamed the “loonie” – broke a three-week high against its U.S. counterpart as speculation drove commodity prices higher on a greater expectation of a U.S. recovery. About 75 percent of Canada’s exports find their way to the U.S. market and positive growth signs in the U.S. tends to mean higher export sales and a boost to the Canadian economy.
Ã¢â‚¬Å“Bernanke gave the market a little bit of calm and confidence, and obviously thatÃ¢â‚¬â„¢s carried over,Ã¢â‚¬Â said Steve Butler, managing director of foreign-exchange trading at Bank of Nova ScotiaÃ¢â‚¬â„¢s Scotia Capital, in Toronto. Ã¢â‚¬Å“It looks like weÃ¢â‚¬â„¢re going to get a good start to the week. ItÃ¢â‚¬â„¢s just a matter of time before we turn the corner.Ã¢â‚¬Â
The Canadian currency advanced 0.5 percent to 97.68 cents per U.S. dollar at 8:09 a.m. in Toronto, from 98.13 cents on Aug. 26. It appreciated earlier today to 97.57 cents, the strongest level since Aug. 5. One Canadian dollar buys $1.0235.
Source: Bloomberg 
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