Canadian dollar strengthens as crude prices rebound after big sell-off
December 10, 2014 1:31 am
The Canadian dollar escalated Tuesday following it reached its lowest level versus the US dollar in more than five years, which was helped by a leap in crude prices after the big sell-off on Monday.
Oil marked new five-year lows before recuperating as market participants looked for some stability.
“It’s trading off oil right now; there’s not a whole lot of data to go off of this week… I think it’s perfectly reasonable that we’re where we are now between C$1.14 and C$1.15,” said Benjamin Reitzes, Senior Economist at BMO Capital Markets.
The loonie traded at C$1.1440 to the greenback or 87.41 US cents, firmer than Monday’s C$1.1482 or 87.09 US cents, its weakest since July 13, 2009.
The material has been provided by InstaForex Company – www.instaforex.com
The Canadian dollar escalated Tuesday following it reached its lowest level versus the US dollar in more than five years, which was helped by a leap in crude prices after the big sell-off on Monday.
Oil marked new five-year lows before recuperating as market participants looked for some stability.
“It’s trading off oil right now; there’s not a whole lot of data to go off of this week… I think it’s perfectly reasonable that we’re where we are now between C$1.14 and C$1.15,” said Benjamin Reitzes, Senior Economist at BMO Capital Markets.
The loonie traded at C$1.1440 to the greenback or 87.41 US cents, firmer than Monday’s C$1.1482 or 87.09 US cents, its weakest since July 13, 2009.
The material has been provided by InstaForex Company – www.instaforex.com
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