Canadian dollar extends recovery from five-month low as oil rallies GlobeInvestor
The Canadian dollar strengthened against its U.S. counterpart on Monday as oil prices rose, recovering from a nearly five-month low on Friday when investors worried about potential U.S. tariffs on Mexico.
Canada sends about 75 per cent of its exports to the United States, including oil, so its economy could be hurt by a more uncertain outlook for North American trade.The price of oil rebounded after last week’s heavy declines on reassurances over production from top oil exporter Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries. U.S. crude oil futures were up 1.9 per cent at $54.54 a barrel.
The loonie, which fell in May for the fourth straight month, on Friday touched its lowest since Jan. 3 at 1.3565.
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