Posted On: August 28, 2012
The monetary unit of Canada increased in value for a third consecutive trading session on Tuesday against the world's reserve currency as the natural-resources-rich nation's top export also gained, according to Bloomberg
The Canadian dollar was barreling toward its top value since May against the U.S. dollar amid projections that inventories may slip, the Gulf of Mexico prepared for a tempest and Venezuela's largest refinery continued battling a fire. The loonie pushed to its highest value since May 3.
"Crude oil is still posting plus $96," managing director of foreign exchange
Jack Spitz with National Bank of Canada told the news source. "Any supply disruptions from Isaac could put a bid to the Canadian dollar."
But the nation's statistics office is likely to indicate this Friday that gross domestic product has expanded for a fourth consecutive quarter, according to predictions issued by economists.
Also on Friday chairman Ben Bernanke with the U.S. Federal Reserve is scheduled to deliver a speech in Jackson Hole, Wyoming, where central bankers are conducting a yearly symposium, according to Reuters
Category: Industry News
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