Canadian dollar rose today to 2-month maximum versus the greenback at 1.0121. It happened as investors increased their demand for tied to growth loonie due to the advance in global stocks and crude oil’s strengthening to 8-week maximum.

During the recent time the demand for commodities has significantly improved making Canada benefit as it gets about half its export revenue from oil, copper, lumber and wheat.

The country’s currency managed to gain 4.2% against its US counterpart since August 31 when it fell to 6-week minimum at 1.0672.

Economists at Toronto-Dominion Bank’s TD Securities unit note that Canada’s fiscal strength provides a strong support for the currency. Analysts at Bank of Nova Scotia’s Scotia Capital note that the markets’ turned to risk and there’s upside pressure on Canadian dollar.



Chart. H4 USD/CAD

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