Canadian Dollar Advances As Crude Oil Gains

24 January 2012 - Which Way to Pay

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Candian Dollar Advances As Crude Oil Gains

The Canadian dollar advanced against the U.S. currency as Canada’s largest export, crude oil, advanced for the first time in four days as the European Union banned Iranian oil imports. This advance can also be attributed to the MSCI World Index rising 0.6 % and the Standard & Poor’s TSX/Composite Index, Canada’s main stock gauge, advancing 1 % resulting in the outlook for global economic growth looking a little less gloomy. The Canadian currency, appreciated 0.5 % to c$1.0086 per U.S. dollar yesterday evening. The dollar also rose 1 % last week. Statistics Canada said that leading economic indicators increased for a sixth straight month in December, rising 0.8 %.

Senior vice president at Canadian Forex Ltd., John Curran, said “It’s still risk sentiment that is helping the Canadian dollar.” But Lee Hardman, currency strategist said, “The Canadian dollar is benefitting from tentative signs of cyclical rebound in global growth. While it is still too early to give the ‘all clear,’ given downside risks to growth still out there, the market appears to be prepared to give it the benefit of the doubt.”

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Related Links:
• MSCI
Global Equity Indices
• Standard & Poor
S&P/TSX Composite
• Statistics Canada
For Canada's economy statistics

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