Posted On: July 13, 2012
The value of the monetary unit of Canada climbed to its top rate in seven days against the U.S. dollar on Friday, monitoring the upward trend of global equities and commodities, according to
The Canadian dollar also benefited from conjecture regarding remedies for the reduced pace of development and growth in the nation hosting the globe's second largest economy. China, which trails only that of the U.S. for size, is believed to be considering economy-spurring strategies, such as monetary stimulus.
"We like the commodity currencies, medium-term," foreign-exchange strategist Stephen Gallo with Credit Agricole in London told Bloomberg. "If the euro becomes overbought versus these currencies we are definitely a seller on rallies."
Gains to oil, the top commodity of the natural-resources-rich nation, also pushed up the value of the loonie, which notched its highest value against the shared currency of the European Union since the 17-nation monetary unit first began trading in 1999.
Gains for the Canadian dollar against the world's reserve currency occurred overnight from Thursday to Friday as economic news indicated Chinese economic development slowed, The Wall Street Journal reports
Category: Industry News
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