Canadian dollar climbs to three-month high as investors focus on global recovery GlobeInvestor
This translation has been automatically generated and has not been verified for accuracy.The Canadian dollar strengthened to a near three-month high against its U.S. counterpart on Tuesday as global stocks added to recent gains and ahead of an interest rate decision by the Bank of Canada on Wednesday.
Canada runs a current account deficit and is a major producer of commodities, including oil, so its economy could particularly benefit from a pickup in the global flow of trade and capital.Oil prices rose to near three-month highs on expectations that major producers would agree to extend output cuts that have shored up prices. U.S. crude oil futures were up 1.2 per cent at $35.88 a barrel.
Recent gains for the loonie have come as the U.S. dollar lost its safe-haven shine. The greenback on Tuesday extended its decline since March against a basket of major currencies. The Bank of Canada is expected to hold interest rates at a record low of 0.25 per cent on Wednesday, when Tiff Macklem will begin his seven-year term as governor of the central bank.
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