BLBG: Canadian Dollar Strengthens for Fourth Day as Commodities Gain
By Greg Storey
Jan. 5 (Bloomberg) -- Canada’s dollar advanced to the strongest level against its U.S. counterpart in more than two months as commodities increased, burnishing the appeal of currencies linked to economic growth.
The Canadian dollar strengthened for a fourth straight day, outperforming 12 of the 16 most-traded currencies tracked by Bloomberg. The U.S. dollar fell against 13 of them. Crude oil, the nation’s biggest export, rose for a ninth day, trading above $81 a barrel.
Canada’s currency, nicknamed the loonie for the image of the waterfowl on the C$1 coin, appreciated 0.5 percent to C$1.0366 per U.S. dollar at 8:07 a.m. in Toronto, from C$1.0416 yesterday. It touched C$1.0337, the strongest level since Oct. 20. One Canadian dollar buys 96.47 U.S. cents.
To contact the reporter on this story: Greg Storey in New York at gstorey@bloomberg.net
